50 Million XRP in 24 Hours: Do Whales Know Something?

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As a seasoned analyst with over two decades of experience in the financial markets under my belt, I find the recent XRP whale activity to be quite intriguing. The rapid accumulation of over 50 million XRP tokens by these large investors is a clear indication of bullish sentiment within the community.

XRP whales are making bold moves, having accumulated over 50 million XRP tokens in a single day.

As per crypto expert Ali Martinez’s analysis, large XRP investors (whales) have amassed around 50 million XRP within the last day, increasing their wealth by roughly $29.5 million.

An increase in whale actions suggests optimism among XRP enthusiasts, as buying a substantial quantity of XRP within a brief span of time is worthy of attention.

In the last day, large Ripple investors (often referred to as “whales”) have amassed more than 50 million XRP, adding around 29.5 million dollars to their existing holdings!— Ali (@ali_charts) August 27, 2024

At the moment, there’s a trend of selling for profits, causing many cryptocurrencies to drop in value. Specifically, XRP decreased by 1.5% over the past day, reaching a price of $0.587.

It’s possible that several elements could be contributing to the optimistic attitude among major XRP investors (XRP whales). The general market conditions, like speculation about Federal Reserve interest rate decreases, may be encouraging investors to explore high-risk assets such as cryptocurrencies, which could include XRP.

This positive sentiment was reflected in the past week with digital asset investment products seeing inflows totaling $533 million, the highest inflows in five weeks. This rise followed Jerome Powell’s statements at the Jackson Hole Symposium, in which he speculated that the first interest rate cut could occur in September. The majority of the inflows came on Friday, following Jerome Powell’s dovish comments. XRP too attracted inflows, receiving $0.3 million.

XRP price action

As a researcher observing the market trends, I noticed a decline in XRP‘s value from its peak at $0.631 on August 24th. This dip suggests that sellers are aggressively guarding this particular level. Following two consecutive days of losses, there have been signs of recovery in XRP, but it continues to trade lower on a daily basis.

To start with, the first level of potential resistance when looking downwards is set at $0.58. Next comes the 50-day Simple Moving Average (SMA) at $0.56. Should XRP show signs of recovery from its current position, this would suggest that buyers are actively purchasing during minor drops. The bulls will then make another attempt to surpass the significant barrier at $0.64. If they manage to do so, XRP could potentially reach $0.74.

If XRP‘s price drops below $0.54, this optimistic perspective might be invalidated in the short run. For a while, the price could then be expected to stay within the range of $0.41 and $0.64.

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2024-08-27 16:53