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XRP Whales Surge into Bullish Outlook as Market Confidence Skyrockets

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Thu, 16/05/2024 - 14:47
XRP Whales Surge into Bullish Outlook as Market Confidence Skyrockets
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Crypto analyst Ali has spotted an interesting trend among XRP whales. According to Ali, XRP whales have purchased approximately 110 million XRP tokens in the last two weeks, totaling $55 million in value.

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The term "whales" often refers to entities or persons who own a large amount of a certain cryptocurrency. This aggressive accumulation is typically a positive sign since it may indicate more buying pressure from market players.

Ali referenced Santiment data to show that XRP whales with 1 million to 10 million coins had been aggressively accumulating the digital currency, with noteworthy transactions occurring in the last two weeks.

These large-scale purchases have resulted in a net rise in whales' XRP holdings, signaling confidence and bullish sentiment toward the cryptocurrency.

This has piqued the interest of the crypto community, prompting speculation regarding the reasons behind such a large accumulation and its potential implications for XRP's price trajectory.

XRP price action

XRP price has largely consolidated in a range since mid-April. Bulls' attempts to push XRP price beyond the $0.57 level was rebuffed by bears on two occasions. This suggests a near-term resistance around this region, which needs to be breached for the XRP price to advance.

After hitting a low of $0.4841 on May 13, the XRP price began to recover. Although slight selling has hampered its rebound, XRP reached intraday highs of $0.523 during today's trading session.

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At the time of writing, XRP had risen 1.69% in the last 24 hours to $0.514. If XRP's price can maintain its present levels, it may rally to the overhead resistance of $0.57. This level may prove to be a difficult obstacle to overcome. If this is surpassed, XRP might rise as high as $0.64 or perhaps $0.74 on a breach of its daily moving averages.

Alternatively, if the price falls from its current level, bears may attempt to strengthen their position by bringing the price to the important support of $0.46. Buyers are anticipated to defend this level vigorously. A robust rebound from $0.46 might indicate that the range-bound activity may continue for some time.

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