- Whales acquired 140M XRP ($84M) in seven days.
- XRP’s price rose over 10%, with strong support at $0.54.
- MACD signals a bullish trend.
The crypto ocean saw a flurry of activity from whales, those heavy-hitting investors known for their massive holdings, who scooped up over 140 million XRP tokens in the past week, valued at approximately $84 million, according to on-chain analyst Ali Charts.
This increased buying pressure is attributed to several factors, particularly the landmark ruling by Judge Phyllis Hamilton in Ripple’s ongoing legal process.
Last week, Hamilton extended the deadline for excluding four expert testimonies until July 26. This judicial directive fueled positive sentiment among major XRP investors, leading to significant purchases.
Following the ruling, crypto tracking service Whale Alert identified substantial on-chain movement of approximately 140 million XRP ($84 million).
Meanwhile, Ali posted an XRP chart revealing trends influenced by whale traders from early June to mid-July 2024. The charts show that XRP’s price dropped in early June, hitting a low by mid-month. During this downturn, the assets of large holders remained mostly stable with minor fluctuations, indicating minimal sell-off activity.
From mid-June to early July, XRP’s price entered a consolidation phase, marked by slight variations and sideways movement. Large holdings decreased before recovering during this period, suggesting a reaccumulation phase by these addresses.
XRP’s price began rising from mid-July; the uptrend that coincided with a notable rise in the holdings of large investors, implying active accumulation during this period.
As of press time, XRP is trading at $0.6046, showing a 10.82% gain on its weekly chart. The cryptocurrency’s rally has continued this week, with buyers dominating the market, according to data. The token’s key support level is $0.54, with $0.68 as a resistance level. XRP rebounded from the 54-cent support level, leading to a price increase of over 10% since testing this level. As long as this support holds, the bullish sentiment is likely to continue.
Moreover, the weekly MACD (Moving Average Convergence Divergence) remains strong, indicating a clear bullish trend with higher highs on the histogram. If this bullish momentum continues, XRP might aim for new highs and test the resistance level at $0.68.
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