Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
#Ripple whales bought the dip!
— Ali (@ali_charts) June 29, 2023
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
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.
Tomiwabold OlajideEarlier 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.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin