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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.
#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.
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.
Arman Shirinyan
Alex Dovbnya
Denys Serhiichuk
