Despite a stagnant market performance, XRP whales show no signs of backing down. Large investors are actively buying into XRP and taking advantage of price dips. Despite weeks of sluggish growth, the confidence in Ripple’s native token remains strong among these significant investors. Earlier today, Whale Alert, a crypto tracking service, reported a significant XRP transaction. Around 30 million XRP, valued at approximately $17.6 million based on the current market price, were transferred from exchanges to an unknown wallet.
Also Read: Ripple CTO David Schwartz Discusses Blockchain Immutability Amid XRP Ledger and Ethereum Issues
Whales Remain Bullish as Buying Spree Continues
This is a significant purchase in a long-term strategy where XRP whales keep accumulating XRP. This is confirmed by the Exchange outflows, which have intensified as more investors use the ‘buy the dip’ strategy. Because there is still recovering optimism in holding XRP, traders are expecting the cryptocurrency to start a reversal from the current bearish course. Such trends are visible after the latest cut in interest by the U.S. Federal Reserve, which has cheered up the crypto market.
XRP whales appear to be preparing for a shift in market momentum, as they steadily build up their holdings, showing a clear optimism about the coin’s future price action. These fluctuations keep showing outflow to exchanges, thus suggesting that these investors are indeed long-term holders and expect an XRP price surge.
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Current XRP Price Performance
XRP is currently trading at $0.5898, marking a slight 0.28% increase over the past 24 hours. Although the price remains within a narrow range, the coin has bounced back from its early September lows, where it traded around $0.51. Since then, XRP has established support at the $0.58 level, though it faces resistance at $0.61. For XRP to experience a more substantial rally, it must break through this resistance and convert it into a support level.
The XRP market is closely watching to see if this accumulation by whales will trigger a larger price movement. A successful breach of the $0.61 level could lead to a sustained rally in the coming weeks, but whether XRP can achieve this milestone remains to be seen.
Conclusion
As XRP whales continue their buying spree, confidence in the token grows despite its recent sideways movement. Investors are hopeful that this accumulation will lead to a trend reversal and spark a potential price rally soon.
Also Read: Crypto Market Eyes Federal Reserve’s Interest Rate Decision, Potential Impact on Bitcoin and XRP
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.