XRP’s price bounced back above the $0.5 mark following Bitcoin‘s halving event over the weekend. This upward trend indicated growing investor faith after several weeks filled with instability due to geopolitical concerns. However, XRP failed to maintain its advance.
In simpler terms, the cryptocurrency market has been sluggish lately, and the coin in question has been unable to rise above the resistance level of $0.5622. On the other hand, a support level has formed at $0.54, resulting in the coin trading within a narrow range.
XRP Price Prediction: Are Whales Buying The Dip?
In April, XRP joined the cryptocurrency market sell-off without mercy. The token dropped below key support levels, moving down from its monthly high of $0.6422 to hit a low of $0.4294. This decline also surpassed the peak price of $0.7484 seen in March.
It’s fascinating to note that large-investor whales, known for their significant purchases, seem to view the recent price decrease as an opportunity to buy more. According to Santiment’s blockchain analysis, these investors have been actively purchasing millions of XRP tokens. This buying trend implies a positive long-term perspective on the XRP project.
According to Ali_charts, a recognized blockchain expert, over the past week, whales have bought approximately 31 million XRP, as noted by their observations.
The price of XRP decreased from $0.62 to $0.41, causing crypto investors to pay attention. In the last week alone, these investors, known as “whales,” have purchased approximately 31 million units of XRP.
— Ali (@ali_charts) April 23, 2024
Observing closely, CoinGape discovered that the number of XRP supply addresses with distributions had grown by 11.27% over the past two weeks, amounting to 249 addresses. Notably, large XRP buyers, referred to as whales, have recently purchased approximately 600 million XRP.
Giant whale investors’ active buying of XRP highlights the faith they hold in the cryptocurrency’s potential, even amidst the ongoing legal dispute between Ripple, its issuer, and the Securities and Exchange Commission (SEC).
It is worth noting that the majority of the whale addresses are witnessing unrealized losses. The 30 and 180-day Market Value to Realized Value ratio (MVRV) confirms that XRP is still a buy zone, attracting bets from investors eyeing the bull market in 2024.
Despite the bullish signal given by the overall trend, the four-hour chart and MACD indicator suggest a bearish technical outlook.
Recently, the MACD indicator signaled a possible sale by displaying a red line crossing under a blue line.
If whales continue to support XRP in the upcoming period, the token might gain sufficient force to bridge the difference and reach the $1 mark. Additionally, the bullish trend could spark fear of missing out (FOMO) among investors, potentially intensifying the price surge.
To put it simply, traders should regularly check the positions of the blue line (20-day moving average) at $0.5406 and the purple line (200-day moving average) at $0.5621 on their charts. The former may offer immediate support, while the latter could function as resistance.
The position of XRP relative to its moving averages will indicate its short-term price trend. However, considering the market’s overall directionless yet promising disposition, selling XRP now may not be advisable due to the current market circumstances.
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2024-04-24 16:24