Analysing Ripple (XRP) as Crypto Whales Accumulate 50 Million Tokens
Ripple (XRP) Analysis: The Impact of Whale Accumulation
Altcoin analysis highlights a pivotal moment for Ripple (XRP) as crypto whales significantly increase their holdings. In a surge of activity, these investors have bought up 50 million XRP in just 24 hours, worth approximately $29.50 million.
Ripple Whale Activities
- Whales holding 1 to 10 million tokens have ramped up purchases.
- This accumulation could potentially reverse XRP's recent downtrend, which saw a 3% drop over the last week.
Analyzing Market Trends
The increase in active addresses on the Ripple network, which rose from 15,000 to 18,100, reflects growing user engagement. Bullish sentiment builds as more wallets transact with XRP.
XRP Price Prediction: Will XRP Hit $1?
TraderSZ, a noted crypto analyst, believes a significant rally towards $1 is imminent for XRP. Recent price movements indicate XRP is breaking past downward trends, setting the stage for further gains.
Current Price Resistance
- XRP faced resistance near $0.61, a critical supply zone.
- Persistent higher lows demonstrate accumulating buying pressure.
If XRP can continue this momentum, a potential rally could see it surpass $0.63 on its way to $1. If buying pressure decreases, XRP may correct down to $0.54.
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.