Crypto News– In the past seven days, crypto analyst Ali Martinez revealed that Ripple (XRP) whales have accumulated approximately $11 million worth of tokens, signaling a potential shift in market sentiment and a surge in value.
Ripple Whales Stir Excitement: Is a Yearly High Approaching?
Despite this significant whale activity, CoinMarketCap indicates that XRP’s value has not yet reflected the buying spree, with the token consolidating around $0.62. The technical outlook for XRP’s next move remains uncertain, but observations from the XRP/USD 4-hour chart suggest that trading below $0.57 in the short term could prove challenging. Bulls have established support at this level, evident from their defense of it on November 21, and it played a pivotal role in XRP’s upward movement between November 21 and 23.
Analyzing the Awesome Oscillator (AO), Coin Edition noted a bullish twin peak formation between November 17 and 24, contributing to XRP’s rise from $0.57. However, the uptrend stalled after the 24th as the initial buying momentum waned.
If whale buying continues in the same pattern observed in the last seven days, XRP’s momentum may turn bullish, potentially retesting $0.67. Conversely, a halt in large buys could lead XRP to revert to $0.60.
Leave a comment