TLDR:
- Whale investors have purchased 270 million XRP tokens (worth $730 million) in the past week, showing strong confidence in the cryptocurrency’s future
- XRP’s price is currently trading at $2.70, with key resistance at $2.95 and support at $2.33
- Investor sentiment has turned positive for the first time in a month, marking a shift from previous bearish trends
- Technical analysis shows mixed signals, with short-term moving averages favoring bullish action while some indicators remain neutral
- The cryptocurrency is forming an ascending wedge pattern, suggesting potential short-term gains despite typically bearish long-term implications
XRP Whales, have made substantial purchases of the cryptocurrency over the past week, accumulating approximately 270 million tokens valued at $730 million. This buying activity comes as XRP trades around the $2.70 mark, with the market showing mixed technical signals.
Data from blockchain analytics platform Santiment reveals that whale addresses holding between 10 million and 100 million XRP have been actively buying the cryptocurrency. These large-scale purchases suggest these wealthy investors are positioning themselves for potential price increases in the near future.
XRP Price
The price of XRP has been moving in an upward trajectory following recent market fluctuations. Currently trading at $2.70, the cryptocurrency is testing this level as a potential support floor. Technical analysis indicates that a successful hold above this price point could pave the way for further gains.
Market sentiment for XRP has turned positive for the first time in a month, according to weighted sentiment indicators. This marks a clear shift from the previous weeks, where sentiment remained predominantly bearish and investors displayed cautious behavior in their trading activities.
Technical Analysis
On the technical front, XRP is forming an ascending wedge pattern, which typically suggests short-term bullish movement despite being considered bearish in the longer term. The immediate resistance level sits at $2.95, with the next major target being the $3.00 psychological barrier.
Short-term charts show XRP stabilizing between $2.65 and $2.75, forming higher lows within an ascending trend. The 1-hour timeframe reveals immediate resistance between $2.75 and $2.80, with short-term support established in the $2.55-$2.60 range.
The 4-hour chart demonstrates XRP’s fluctuation between $2.50 and $2.75, with earlier trading sessions showing rejection at $2.83. This price action highlights ongoing selling pressure at higher levels, despite the overall bullish sentiment.
Looking at the daily timeframe, XRP has been recovering from a previous low of $1.78. The formation of higher lows suggests gradual bullish accumulation, though resistance between $3.00 and $3.40 remains a challenge for buyers to overcome.
Technical indicators present a mixed outlook for XRP’s price action. The Relative Strength Index (RSI) reads 51.84, while the Commodity Channel Index (CCI) sits at 69.60, both indicating neutral market conditions. The Moving Average Convergence Divergence (MACD) shows a slight bullish divergence at -0.01589.
Moving averages paint a more optimistic picture in the short term. Most exponential moving averages (EMAs) and simple moving averages (SMAs) signal bullish momentum. However, the 30-day and 50-day SMAs at 2.74125 and 2.72067 respectively suggest some bearish pressure around these levels.
If XRP fails to maintain support at $2.70, the price could experience a decline toward the next support level at $2.33. Such a move would invalidate the current bullish pattern and potentially delay the ongoing recovery attempt.
The cryptocurrency’s price action near the $2.70 level remains crucial for its short-term direction. A decisive break above $2.95 could open the path toward the $3.00 mark, while failure to hold current support levels might trigger a retest of lower support zones.
Recent trading data shows XRP consolidating between $2.60 and $2.80 on the daily chart. The key support zone between $2.20 and $2.40 could offer potential buying opportunities for traders looking to enter positions.
Traders are advised to watch the $2.70-$2.75 supply zone carefully, as this area could determine the next directional move for XRP’s price.
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