Ripple (XRP): Strategic Whale activities highlight potential recoveries

January 23, 2024 09:24 PM AEDT | By Invezz

Ripple (XRP): Strategic Whale activities highlight potential recoveries — Image source: Invezz

Whales action indicate looming price revival

While XRP stares at massive bearish actions, large-scale players, especially those holding 10M to 100 million tokens, accumulate. That showcases investor confidence in potential price surges for the alt.

Further, on-chain indicators confirm a gradual revival for XRP. Whales have reduced profit-booking, and the improved development activity presents a lucrative environment for solid rallies. The decline in players selling at a loss cements the upside narrative for XRP prices.

Further, the 10M – 100M holder cohort displayed constant accumulation amid price dips and distribution at local highs in the past six months. Considering this historical pattern alongside ongoing whale accumulation increases optimism for XRP.

XRP price and whale accumulation pattern on Santiment

Development activity as an upside catalyst

XRP’s development activity has recorded robust recoveries after touching 6-month lows last week. The flourishing ecosystem will likely boost the altcoin’s expected upward movements.

While XRP enthusiasts await the altcoin to escape the engulfing bearish trends, on-chain indicators, development activity, and whale behavior indicate optimism. Ripple’s altcoin should climb from its current price of $0.5067 and reclaim the crucial support at $0.5930 to ensure near-term resurgences.

The post Ripple (XRP): Strategic Whale activities highlight potential recoveries appeared first on Invezz

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