Ripple (XRP) Whales Drive Market Recovery Amid Price Declines
Wednesday, 1 May 2024, 08:02
Ripple Whales to the Rescue
Over the past week, the price of XRP has declined from $0.54 to $0.50. This drop has caused the altcoin to lose its support level at $0.51, which aligns with the 23.6% Fibonacci Retracement level that extends from a high of $0.82 to a low of $0.42.
XRP Whale Accumulation:
- 70 million XRP added to wallets by addresses holding between 1 million and 10 million XRP in the last two days.
- This accumulation suggests a move by whales to prevent further price decline and potentially boost profits.
This could inject bullish sentiment into the market, encouraging retail investors to join the momentum.
XRP Price Prediction:
XRP price is currently at $0.50, nearing the resistance level at $0.51. Reclaiming this level could spark a recovery and invalidate the ongoing bearish trend.
- If support at $0.47 holds, a move towards $0.57 is crucial to confirm a recovery rally.
- A breach of $0.47 could see XRP test $0.42, posing risks of further corrections.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.