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360 Million XRP Bought by Whales Ahead of Major Price Move

Thu, 06/29/2023 - 13:00
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Tomiwabold Olajide
Whales scoop up massive 360 million XRP ahead of major price surge
360 Million XRP Bought by Whales Ahead of Major Price Move
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Crypto analyst Ali has reported a massive 360 million XRP purchase as the XRP price dropped nearly 12% from June 22 to June 28.

In the last six days, whales took advantage of the XRP price decline, adding 360 million XRP worth $170 million to their bags.

XRP jumped to highs of $0.52 on June 22. The price action turned out to be a trap for long positions as the XRP price reversed subsequently.

After that, profit-taking on XRP steadily increased as the price turned lackluster. Meanwhile, the declines were punctuated by brief price bursts. XRP subsequently dipped below the $0.486 level, representing the daily MA 50. On June 28, the moment came for XRP dip buyers as the price dipped to lows of $0.464.

As observed on its daily chart, XRP is seeing a price bounce from its prior day's lows, with intraday highs of $0.473 being reached on June 29. At the time of writing, XRP remained down 1.41% in the last 24 hours to $0.47. The token is down 5.16% on the weekly time frame.

Before continuing further upward, XRP must confirm the daily MA 50 barrier at $0.486 as support. In this situation, XRP might retest highs near $0.52.

On the other side, XRP may remain in a range below $0.486 before bulls gather enough momentum to launch a strong push beyond this barrier. The $0.44 to 40.46 range remains as support as in the past.

Price teases next move

Meanwhile, XRP traders anticipate the next major move for the sixth largest cryptocurrency. On-chain data suggests positivity for XRP ahead; however, general market conditions might come into play.

On-chain analytics firm Santiment stated on June 26 that XRP was flashing a minor bullish indication due to mild trader capitulation. "Historically, coins moving at a greater ratio at a loss compared to a profit have a higher likelihood of rising in value," it added.

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XRP Beats Bitcoin (BTC) as Most Popular Asset on South Korea's Bithumb

Earlier this week, crypto researcher Ali reported a spike in XRP active addresses as well as network activity, saying that the last three times the XRP price increased, a spike in the number of active XRP addresses preceded it. It is unknown whether history will repeat itself this time. 

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.