XRP Whales Accumulate 40 million Tokens: What’s Next for XRP?
- XRP holds steady around $2.30, showing tight fluctuations amid a week of consolidation.
- Whales accumulate 40 million XRP, fueling predictions of a price increase to $10.
- Key levels to watch include support at $1.96, resistance at $2.51, and a neutral RSI at 54.95.
XRP is trading at $2.30 as of press time, up by 5.93% over the past 24 hours. The cryptocurrency trades between $2.21 and $2.30, which can be described as a tight-ranging trade. This price action shows a consolidation period after a week of selling pressure. In an X post on Tuesday, analyst Ali Martinez disclosed that XRP whales had acquired 40 million tokens in the last 24 hours. The large accumulation by major investors reflects the sustained demand for the asset despite other indications of market volatility.
Key Support and Resistance Levels
The support level of XRP is at $1.96, which has boosted the bulls during the recent price declines, and the resistance level for XRP is $2.51. In an X post on Tuesday, XRP Whale stated, “XRP IS ABOUT TO PUMP TO $10!” implying that this whale activity could be a precursor to a significant price surge.
The 100-day moving average is at $2.236, which may act as a floor if the prices fall even more. Likewise, the 200-day moving average stands at $2.2485, which suggests a sideways market with no clear direction.
Source:
TradingView
Key Technical Levels Watch
The XRP Relative Strength Index (RSI) is 54.95, which shows that the market is neutral. This means that the current state of XRP is not overbought or oversold, so the current period is favorable for long-term investors to establish their positions.
Stuart Alderoty Urges SEC Reform on 4th XRP Case AnniversaryThe prices of XRP have stabilized, and investors are waiting for the next major move to push past the current critical resistance or drop below significant support. These levels will be of particular interest to investors trying to predict the direction of the cryptocurrency’s price.
The post XRP Whales Accumulate 40 million Tokens: What’s Next for XRP? appeared first on CryptoTale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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