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Whales make a ripple with 360 million XRP purchase; Is $0.55 next?

Whales make a ripple with 360 million XRP purchase; Is $0.55 next?

The uncertainty surrounding XRP continues to be a focal point of speculation among crypto traders. The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has only added to the ambiguity surrounding the future of XRP

This uncertainty has been reflected in XRP’s recent price action as the battle between bulls and bears continues to intensify.

While its price has notably declined in recent days, it appears that XRP crypto whales – investors who hold a vast amount of a specific cryptocurrency – have moved to take advantage of that dip. 

According to crypto expert Ali Martinez, whales acquired 360 million worth of XRP for almost $170 million in the period between June 22 and June 28, during which the cryptocurrency’s value declined by 12%. 

The recent whale purchase of XRP indicates a renewed trust in the cryptocurrency, potentially boosting the confidence of smaller investors. This growing support for XRP could establish a price floor, curtailing potential downward movements and offering stability to the market.

XRP price analysis

At press time, XRP was changing hands at $0.47, down 1.37% in the past 24 hours. Over the past week, the crypto token fell by more than 5%, losing nearly $1 billion in market cap during that period. 

XRP 1-week price chart. Source: Finbold

XRP currently faces an important support level at $0.43, which hosts the 100-day moving average (MA) and the horizontal support (prior swing high). On the upside, the 200-day moving average is offering resistance at around $0.483 while $0.55 represents a long-term resistance area.

Over the past year, XRP’s price increased by 44%, while the crypto asset’s number of green days in the past 30 days is 16, or 53%. 

XRP network activity surges

Although its recent price performance has not been inspiring, specific on-chain indicators point to a bullish sentiment for XRP. 

To be more specific, the number of active XRP addresses has spiked notably over the past several days, a move that has historically led to price rallies. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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