XRP has been attempting to recover from recent volatility, with its price rising steadily in the past few days.
While whales are capitalizing on this recovery, there remains uncertainty about whether new investors will re-enter the market. This ongoing price action could prove fruitful for large holders, but the broader sentiment is still in flux.
XRP Whales To The Rescue
Over the last week, XRP whales have been accumulating heavily, showing a strong conviction in the token’s future recovery. Addresses holding between 10 million and 100 million XRP have added over 420 million XRP, totaling more than $915 million in purchases.
This surge in whale activity suggests that, despite the recent volatility, large investors see current prices as a buying opportunity. These whales’ confidence is indicative of their belief that XRP will eventually recover, and they are positioning themselves for potential gains.
The overall market sentiment for XRP has been mixed, particularly with regard to new addresses. Last week, new XRP addresses experienced a sharp decline, dropping to a two-month low. This trend suggests that XRP is losing traction among new users, possibly due to a lack of sustained growth and uncertain market conditions.
Despite the whale activity, the decline in new addresses raises questions about XRP’s ability to maintain widespread appeal in the short term. The lack of new investment in the form of new addresses suggests that the broader market sentiment remains cautious.
XRP Price Rise Likely
XRP price has risen by 8.4% in the last 48 hours, currently trading at $2.18. Given the strong support of the whale, this momentum could continue in the near term. If whales continue accumulating and market sentiment turns positive, XRP may continue to rise, with $2.23 as the next key resistance level.
If XRP breaches the $2.23 resistance, it could push toward $2.32, provided that $2.27 is successfully flipped into support. A sustained rise above $2.27 would be a positive sign for further upward movement, possibly signaling the continuation of the bullish trend. With whales backing the asset, XRP has the potential to break through these barriers.
On the other hand, if broader market conditions shift toward a bearish sentiment or if investor skepticism leads to more selling, XRP could fall below the support at $2.13. A drop to $2.02 would invalidate the current bullish outlook, signaling a potential reversal in sentiment and further losses in the near term.
The post XRP Whales’ $915 Million Accumulation Could Revive Stalled Momentum appeared first on BeInCrypto.
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