Whales Accumulate 360 Million XRP Before Possible Price Surge

XRP is facing a lot of uncertainty due to the legal issues between its parent company Ripple and the SEC. The outcome of this case could have a significant impact on XRP’s future as a cryptocurrency. XRP’s price has been fluctuating as a result of this uncertainty, with both buyers and sellers trying to gain the upper hand.

However, some large XRP holders, known as whales, have used this opportunity to increase their holdings. As reported by crypto analyst Ali Martinez, whales bought 360 million XRP worth nearly $170 million in the last week of June, when the price dropped by 12%.

#Ripple whales bought the dip!

While the price of #XRP dropped 12% from June 22 to June 28, whales bought 360 million $XRP worth nearly $170 million. pic.twitter.com/QI0m45cIio

— Ali (@ali_charts) June 29, 2023

XRP Whales Have Been on the Move

A large XRP purchase by a whale investor signals a renewed faith in the cryptocurrency, which could encourage smaller investors to join in. This could create more demand for XRP and prevent its price from dropping too much, adding stability to the market. 

XRP was trading at $0.47 at the time of writing, down 1.37% in the last 24 hours. The crypto token lost more than 5% of its value in the last week, shedding almost $1 billion in market cap in that time. 

XRP has a key support level at $0.43, where the 100-day moving average (MA) and the previous swing high converge. On the other hand, the 200-day moving average is acting as a resistance level at around $0.483, while $0.55 is a long-term resistance zone.

XRP’s price rose by 44% in the last year, and the crypto asset had 16 green days out of the last 30, or 53%.

Despite the lackluster performance of its price lately, XRP shows signs of a positive outlook based on certain metrics from the blockchain. In particular, the active XRP addresses have increased significantly in the last few days, a trend that usually precedes price increases.

As XRP, the sixth biggest crypto asset, awaits its next big move, some on-chain indicators show signs of optimism for its future. 

According to Santiment, an on-chain analytics firm, XRP had a slightly bullish signal on June 26 due to some traders selling at a loss. “This usually means that coins have a better chance of increasing in value when more of them are moving at a loss than at a profit,” it explained.