The cryptocurrency market remains volatile, and XRP has not escaped this correction. In the last seven days, the asset has fallen 23%, currently trading at US$ 2.35. But while many investors are worried about the drop, big market players are taking advantage to accumulate.
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Whales are buying millions of XRP!
So-called “whales” — investors who move large amounts of cryptocurrency — recently purchased 520 million $XRP , a staggering amount valued at $1.22 billion! This massive accumulation suggests that large investors may be positioning themselves for a potential near-term recovery.
But will this movement of whales be enough to reverse the downward trend? 🤔
XRP Ready for a Breakout? 🚀
Looking at the 1-hour chart, $XRP has managed to bounce off the low of $1.72 and has moved back to $2.35, where it is testing the upper boundary of a falling wedge pattern. This pattern usually indicates a potential upward move should a breakout occur.
The 30-period Simple Moving Average (SMA 30) is currently acting as a dynamic resistance, hindering an immediate breakout. If XRP manages to break above this level and break above $2.43, the next resistance level is at $2.52 — which could pave the way for an even bigger recovery.
However, if XRP fails to break this barrier, the price could retrace towards the $2.30 support, increasing the chances of a further correction.
What to expect now?
📊 In the short term, traders should closely monitor the $2.30-$2.52 zone. Strong whale accumulation could be a positive sign, but a breakout of the resistance will be essential to confirm a bullish reversal.
Do you think $XRP will fire in the next few days? Leave your comment! ⬇️
Source: CoinsProbe
Disclaimer: This content is not investment advice. Please do your own research and be fully informed before making any decisions.