Ripple (XRP) Price Surges Past $0.68 as Whales Invest $850 Million in Two Weeks: Is Now the Right Time to Buy XRP?

Ripple (XRP) Price Surges Past $0.68 as Whales Invest $850 Million in Two Weeks: Is Now the Right Time to Buy XRP?

Crypto News – The XRP price surged past $0.68 on a Monday morning, pushing its November gains into double digits. An in-depth on-chain analysis seeks to unravel the primary factors fueling this ongoing price rally.

Notably, a group of influential cryptocurrency whales has been observed engaging in aggressive buying of XRP over the past two weeks. Their strategic moves coincide with the upcoming 2023 edition of the Ripple Swell event, prompting questions about whether this is the opportune moment to invest in XRP.

Ripple Whales Make a Massive $850 Million Investment in Just Two Weeks

In the first week of November 2023, XRP’s price exhibited an impressive 13% increase, setting the tone for the month. The driving force behind this remarkable performance has been the notable trading activity of crypto whales, a crucial player in the cryptocurrency market.

According to data from Santiment, large investors holding XRP in quantities ranging from 100,000 to 1 billion coins have been actively accumulating XRP in the past week. The data highlights a clear correlation between the onset of their buying spree and XRP’s price taking off around October 24.

During the period spanning from October 24 to November 6, these whales managed to acquire a staggering 1.26 billion XRP, taking their cumulative holdings to new heights for the year 2023. This sizable acquisition, when valued at the current market price of $0.68 per XRP, translates to an approximate worth of $850 million. Such a substantial inflow of capital in just two weeks has exerted significant upward pressure on XRP, effectively propelling the price beyond the crucial resistance level of $0.65.

With these whales reaching their 2023 peak in XRP holdings, there is a growing likelihood that other strategic retail investors may be encouraged to establish long positions in the coming week. This influx of new investments could drive XRP’s price closer to the $0.70 mark.

Ripple Swell Event Promises to Amplify Bullish Momentum

Ripple is on the verge of hosting the 2023 edition of its renowned “Swell” event, a pivotal digital-asset conference set to take place in Dubai later this week. The two-day, invitation-only event is anticipated to feature keynote speeches and engaging discussions with prominent figures in the global blockchain and decentralized finance industry, including regulators and innovators.

In anticipation of the Ripple “Swell” event, XRP has witnessed a significant surge in media attention. According to Santiment, XRP’s Social Dominance has risen from 1.3% to 4% in just the last three days. The Social Dominance metric measures the percentage of a cryptocurrency’s share compared to the 50 most widely discussed projects across various crypto media channels. An increase in Social Dominance during a rally often indicates market euphoria, which can sometimes lead to substantial price corrections.

However, with the Ripple “Swell” event scheduled for November 8-9, many investors are likely to hold off on significant selling actions. Strategic investors typically anticipate important product announcements or partnerships ahead of such major conferences, as these can trigger significant price movements.

In summary, the confluence of heightened demand from whales and positive expectations surrounding XRP suggests that the cryptocurrency’s price is poised to move closer to the $0.70 mark in the days ahead.

XRP Price Projection: Reaching $0.70 May Spur Further Gains

Having successfully cleared the $0.65 threshold, XRP’s price now faces minimal resistance on its path to $0.70. Even after the substantial double-digit gains over the past week, the Parabolic SAR (Stop and Reverse) data indicates that the bullish momentum is likely to persist.

The Parabolic SAR identifies potential reversal points within an ongoing price trend. As of November 6, the XRP Parabolic SAR indicator dots point to a price level of $0.59, which is notably below the current trading price of $0.68. This alignment serves as a clear sign that the bullish trend is still strengthening.

On the downside, if bearish sentiment takes hold due to XRP’s overbought status, there may be an attempt to push the price below $0.55. Nevertheless, the support level around $0.59 is expected to offer formidable resistance to such a downward movement.