XRP News: Whales Snatch 60 Million Tokens in 24 Hours as Price Dips – What’s Next?
In a bold move, XRP whales have scooped up 60 million tokens within just 24 hours, capitalizing on a recent price dip. This surge in accumulation highlights growing confidence in XRP’s long-term potential, even as the broader crypto market faces volatility. Let’s dive into the details and what this means for XRP’s future.
XRP Whales Make Their Move
Large holders, often called “whales,” have aggressively bought XRP during its recent price correction. Data shows wallets holding 10 million to 100 million XRP tokens led this buying spree, accumulating 60 million XRP as prices dipped to $3.09. This activity suggests strong belief in XRP’s value despite market fluctuations.
XRP Price Trends and Market Sentiment
XRP’s price recently corrected by 14% from its mid-July high of $3.66. However, the token has stabilized around $3.00, supported by its 20-day EMA. Key resistance levels to watch are $3.30-$3.35. A breakout could propel XRP toward $4 or even $5.90.
Why Are Whales Betting on XRP?
- Reduced Sell Pressure: Whale-to-exchange transfers dropped over 90%, indicating a shift toward long-term holding.
- Macro Factors: Positive U.S.-EU trade news and advancing crypto bills (Clarity Act, Genius Act) are boosting investor confidence.
- Legal Clarity: A 2024 court ruling suggested XRP may not be classified as a security, enhancing its appeal.
What’s Next for XRP?
With institutional investors placing $25 million in long positions and Coinbase planning nano perpetual futures, XRP’s liquidity and accessibility could improve. Analysts remain optimistic, forecasting a potential surge to $4 if bullish momentum holds.
Conclusion
The recent whale activity underscores strong underlying support for XRP. While short-term volatility persists, the token’s fundamentals and market dynamics suggest a promising trajectory. Keep an eye on key resistance levels and macroeconomic developments for further clues.
FAQs
1. Why did XRP whales buy 60 million tokens?
Whales capitalized on a price dip, signaling confidence in XRP’s long-term growth potential.
2. What is XRP’s current price support level?
XRP is holding above $3.00, with the 20-day EMA acting as a key support level.
3. Could XRP reach $4 soon?
If XRP breaks past the $3.30-$3.35 resistance zone, a rally toward $4 is possible.
4. How do legal developments impact XRP?
A favorable 2024 court ruling reduced regulatory uncertainty, making XRP more attractive to investors.
