Ripple’s XRP Makes a Comeback in the Altcoin Race on Whale Accumulation

Última actualización: 22 agosto 2023

Après a tough week, the native cryptocurrency of Ripple, XRP, is showing signs of recovery, showcasing a significant surge that has propelled it to the top of the altcoin leaderboard. This resurgence owes its gratitude to the strategic actions of crypto whales who have proven their prowess in maneuvering the markets.

Whales Weathering the Dips

Ripple’s XRP, after facing a bearish spell, is back in the green territory. The credit for this turnaround goes to the whale activity in the market. These well-known investors, who possess substantial amounts of cryptocurrencies, have exhibited their unyielding determination to expand the scope of their crypto portfolios.

According to Santiment, XRP is subtly indicating signs of revival. This uptick is attributed to the strategic buy-ins by crypto whales during the dip. It’s worth highlighting that the current 4% price surge is being underpinned by several significant token holders.

The Power Players: Whale Accumulation

Within these notable token holders, 221 addresses boast a substantial stash of XRP, ranging from 10 million to 1 billion tokens. In a collective effort, these addresses now hold a staggering 16.13 billion tokens, amounting to an approximate value of 8.71 billion dollars.

A quick recap reveals that Ripple’s XRP had been facing significant selling pressure since the past week, primarily due to the ongoing actions of the SEC and its intent to appeal the verdict. However, in the legal documents filed last Friday, the SEC took a slightly more reassuring stance. They hinted that XRP might be classified as something other than a security.

Ripple’s Price Fluctuations: The XRP Rollercoaster

On the daily Ripple chart, the XRP/USD was lingering below the resistance levels of $0.5750 to $0.5900. The weekend’s surge allowed the cryptocurrency to surpass the 200-day exponential moving average, though it still remains below the 50-day exponential moving average.

An examination of the 14-day Relative Strength Index (RSI) reveals a reading of 34.14, indicating bearish sentiment. This aligns with the 50-day exponential moving average. Consequently, there’s a potential for a drop below the support range of $0.4920 to $0.4780, with a plausible target below $0.47.

XRP’s Recovery Journey

While Ripple’s XRP demonstrates a revival trend due to whale accumulation and positive SEC indications about its status, short-term price movements continue to lean bearish.

Alors que Ripple’s XRP démontre une tendance de reprise grâce à l’accumulation par les baleines et aux indications positives de la SEC quant à son statut, les mouvements de prix à court terme continuent de pencher vers la tendance baissière. Dans cette évolution complexe du marché, les investisseurs cherchent des moyens astucieux pour naviguer à travers les vagues de fluctuations. Des plateformes renommées telles Bitcoin Trader et Bitcoin Circuit offrent un environnement propice pour explorer les opportunités et élaborer des stratégies adaptées à ces mouvements volatils.

  • Agnelo Vergara Estrada

    Agnelo Vergara Estrada está especializado en criptodivisas y en el análisis de las cotizaciones. Se involucró en el marketing financiero a una edad temprana y luego decidió convertir su afición en una profesión estudiando Banca y Finanzas. Además de su trabajo principal como analista en una influyente consultora financiera, escribe regularmente para Indexuniverse.

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