In a bold move that has caught the attention of the crypto community, XRP whales have purchased a staggering 60 million tokens in just 24 hours amid a recent price dip. This aggressive accumulation signals strong confidence in XRP’s future, even as the broader market faces volatility. Let’s dive into the details of this development and what it means for XRP investors.
XRP Whales Go on a Buying Spree
According to crypto analyst Ali Martinez, wallets holding between 10 million and 100 million XRP tokens led the charge, capitalizing on a price correction from mid-July highs near $3.66. As of now, XRP is stabilizing around $3.09, with whales showing no signs of slowing down.
Why Are Whales Betting on XRP?
- Long-term holding strategy: On-chain data reveals a 90% drop in whale-to-exchange transfers since early July, indicating reduced sell pressure.
- Technical support: XRP is holding above the key $3.00 level, with strong buyer support at the 20-day EMA.
- Macro factors: A U.S.-EU trade agreement and progressing crypto bills in Congress are boosting investor sentiment.
XRP Price Outlook: Can It Reach $4?
Analysts note that resistance lies between $3.30 and $3.35. A breakout above this range could pave the way for a retest of $3.66 and potentially $4. With institutional investors placing over $25 million in long positions, the stage is set for a potential rally.
Legal Clarity Boosts XRP’s Appeal
A favorable court ruling in 2024 suggested XRP may not be classified as a security, enhancing its legitimacy. Coupled with the anticipated launch of nano perpetual-style futures on Coinbase, XRP’s liquidity and accessibility are set to improve.
Conclusion: A Crucial Moment for XRP
The recent whale activity and strong technical support suggest XRP could be gearing up for a significant move. While market volatility remains a factor, the underlying confidence from large holders and institutional investors paints a bullish picture for the coming weeks.
Frequently Asked Questions (FAQs)
1. Why are XRP whales buying now?
Whales are capitalizing on the recent price dip, betting on XRP’s long-term growth potential amid improving market conditions and regulatory clarity.
2. What is the current XRP price support level?
XRP is holding above $3.00, with the 20-day EMA acting as a key support level.
3. Could XRP reach $4 soon?
If XRP breaks through the $3.30-$3.35 resistance zone, a move toward $4 is possible, especially with strong whale and institutional support.
4. How does the legal ruling affect XRP?
The 2024 court ruling reduced regulatory uncertainty, making XRP more attractive to both retail and institutional investors.
5. What are the risks for XRP investors?
Market volatility and shifting capital flows remain key risks, but the recent whale activity suggests strong underlying confidence.
