Ripple (XRP) Whales Accumulate: Setting the Stage for a Price Surge

Ripple (XRP) Whales Accumulate: Can Price Push to a New Yearly High?

The Ripple (XRP) price shows signs of an upcoming consolidation phase as whales begin accumulating again, hinting at a potential surge after this period of stability. This outlook is bolstered by the rising daily active addresses since last week, indicating renewed interest, and the EMA lines confirming a strong consolidation path.

Whales Are Accumulating XRP Again

There has been a noticeable uptick in the number of addresses holding substantial quantities of XRP, specifically those with holdings ranging from 10 million to 100 million coins. This increase from 1,537 addresses on March 16 to 1,565 on March 28 is a significant rise that signals a gathering momentum among the so-called 'whale' investors. That is happening despite the SEC targeting Ripple Labs.

• The reversal of this trend in the last two weeks could be emblematic of a wider market sentiment shift.
• It implies that confidence may be returning among these larger holders, and they are now engaging in a strategic build-up of their XRP reserves.

Daily Active Addresses Are Also Rising

On March 9, XRP's activity peaked with a significant spike to 47,930 daily active addresses. That immediately preceded a sharp price increase from $0.63 to $0.72 over the subsequent two days. Following this rally, the daily active addresses plateaued. However, a downward trend in the 7-day moving average of daily active addresses was observed from March 15 to March 23. The period between March 22 and March 28 saw a revitalized interest in XRP, with daily active addresses rising from 27,351 to 30,858.

XRP Price Prediction: Consolidation Before New Surges?

The XRP 4-hour price chart presents a potential support benchmark at $0.58. Currently, the EMA lines on the XRP chart are converging and hovering in close proximity to the actual price line. This clustering of EMAs around the current price is indicative of a price consolidation phase in the market. This consolidation could be seen as a period of market indecision, with the potential for a breakout in either direction. If XRP prices can sustain and build momentum away from this point of equilibrium, XRP could test the resistance near $0.64.