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Ripple (XRP) whale activities have intensified as crypto whales accumulated a staggering 50 million XRP in the past 24 hours, valued at approximately $29.5 million. This sudden surge in whale activity comes as the cryptocurrency’s price struggles to maintain momentum, raising questions about its near-term trajectory. Despite predictions that Ripple (XRP) would retest the $0.65 level in August, the token has yet to reach this threshold. However, with these recent whale activities, on-chain analysis suggests that XRP could be on the cusp of a significant price movement, potentially pushing it closer to the elusive $1 mark.
The Ripple (XRP) whale activities in the past 24 hours underscore the growing interest among large holders in the cryptocurrency. According to data from Santiment, a leading on-chain analytics platform, crypto whales—wallets holding between 1 million and 10 million XRP—have embarked on a buying spree, accumulating a total of 50 million XRP. This accumulation, worth nearly $30 million, could serve as a strong bullish indicator for the market.
Ripple Whale Accumulation. Source: Santiment
Historically, such large-scale acquisitions by whales often precede price increases, as these investors typically have the market influence to shift trends. Conversely, when whales offload their holdings, it can lead to downward pressure on prices. In Ripple’s case, this recent buying spree could be the catalyst needed to reverse the recent 3% decline in XRP’s value over the past week.
In addition to Ripple (XRP) whale activities, network metrics provide further evidence of a potential bullish reversal. On-chain data reveals a notable increase in the number of active addresses on Ripple’s network. As of Monday, the number of active addresses stood at just over 15,000. By the time of this writing, that figure had risen to 18,100, marking a significant uptick in user engagement with the token.
Ripple Weekly Chart. Source: TraderSZ/X
The active addresses metric is crucial as it tracks the number of unique wallets engaging in transactions on the blockchain. A rising number of active addresses generally indicates growing interest and participation, which often correlates with price appreciation. As more wallets interact with XRP, the likelihood of sustained upward momentum increases.
The question on every trader’s mind is whether Ripple (XRP) whale activities will be enough to propel the cryptocurrency towards the $1 mark. Prominent crypto trader TraderSZ, who has amassed a substantial following on social media platform X (formerly Twitter), appears to be optimistic. He predicts that XRP is gearing up for a massive rally, with the potential to break through the descending trendline that has capped its price in recent weeks.
TraderSZ’s analysis points to XRP’s recent behavior on the weekly chart, where the last breach of a descending trendline led to a rally towards $0.90, eventually surpassing $1. This historical pattern, combined with the current bullish sentiment among whales, suggests that XRP could be on the verge of repeating this feat.
Further supporting this outlook is XRP’s performance on the daily chart, where the token has managed to rise above the 20-day Exponential Moving Average (EMA). The EMA is a widely used technical indicator that helps traders identify trend direction. Trading above the 20-day EMA is typically seen as a bullish signal, indicating that the market may be gaining upward momentum.
Ripple Daily Analysis. Source: TradingView
Despite the growing optimism surrounding Ripple (XRP) whale activities and the recent surge in active addresses, XRP still faces significant challenges. The $0.61 level has emerged as a key resistance point, primarily due to it being a supply zone that requires substantial bullish momentum to break through. This level has been tested multiple times, and each attempt to breach it has met with strong selling pressure.
However, the current accumulation by whales could provide the necessary momentum to push XRP beyond this critical resistance. If the bulls manage to break through the $0.61 level, the next target would likely be the $0.65 mark, a threshold that has been elusive for much of August.
The recent surge in Ripple (XRP) whale activities has injected fresh optimism into the market, with many analysts and traders now speculating that XRP could be poised for a significant rally. The combination of large-scale accumulation by whales, rising network activity, and bullish technical indicators all point towards the potential for XRP to break free from its recent downtrend and target the $1 mark.
While challenges remain, particularly in overcoming the $0.61 resistance level, the momentum appears to be building in favor of the bulls. If the current trends continue, Ripple (XRP) could very well be on the brink of a major price movement that could redefine its market trajectory in the weeks to come.
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