In recent days, the cryptocurrency industry has been heavily impacted by the release of the United States Consumer Price Index (CPI) data and geopolitical tensions between Iran and Israel. Amidst this turmoil, Ripple (XRP), the world’s 7th biggest cryptocurrency, experienced significant price fluctuations and made a price dip of $0.41.
Whales bought 31 million XRP, amid price dip
Following this sharp decline, crypto whales seized the opportunity, buying over 31 million XRP in just the past week, according to data from on-chain analytics firm Santiment. However, this data was also shared by a prominent trader and analyst on X (previously Twitter).
In addition to the massive accumulation of XRP tokens by crypto giants, on-chain transaction tracker firm Whale Alert posted on X that, in the last 24 hours, a massive 71 million XRP tokens worth $38.3 million were transferred from Binance to an unknown wallet, indicating further accumulation. Meanwhile, over $14 million of XRP was also transferred from an unknown wallet to Bitstamp, suggesting that some whales are also dumping it. In this price fluctuation, some took this as an opportunity while others in fear sold or exited from XRP.
After experiencing massive transactions and accumulation in the last 24 hours, XRP is currently trading near $0.54, reflecting a decent 2.5% upside momentum. Over a longer period, XRP’s performance has been noteworthy. In the past 7 days, its price has surged by nearly 12%, primarily attributed to the accumulation of 31 million XRP. However, in the last 30 days, the price of XRP has dropped by 12%.
XRP technical analysis and key levels
According to expert technical analysis, XRP on the daily timeframe is experiencing strong resistance from the 200 EMA (Exponential Moving Average) and the inclined trendline. However, on the longer timeframe, XRP remains bullish, having found support from the 200 EMA on a weekly basis. This robust support from the 200 EMA on a weekly timeframe underscores strong interest from investors as well as asset managers.
To experience massive price surges, XRP needs to achieve a daily candle closing above the $0.60 level. If this occurs, according to technical analysis, there is a high probability that XRP may reach the $0.75 level.