The price of XRP is approaching a key support level, raising questions about whether it can halt its recent decline. The move comes as blockchain data indicates that “whales,” or large-scale investors, have begun re-accumulating the cryptocurrency after a period of selling.
The Future Price of XRP
The past ten days have not been favorable for XRP or the rest of the crypto market. Until last Sunday, when the broader market collapsed, the asset was trading at or above $3 and even $3.1. However, it quickly plummeted to $2.82 within a day.
On Wednesday, it reached $3.08 due to its recovery attempt; however, the bears promptly returned and prevented it from achieving another significant increase. There were indications of an imminent decline to $2.83, which transpired on Friday. Additionally, XRP experienced an additional decline, plummeting to $2.76 earlier today, its lowest price since August 3.
The $2.76 price line is critical in determining the future of XRP. Ali Martinez, who foresaw the correction to $2.83, maintains that this is an essential support level that must be kept for the asset to continue to operate within a bull market.
The asset is currently testing the same key support and closed indecisively daily, according to CRYPTOWZRD, who also addressed XRP’s price movements. The analyst observed that XRP must surpass $2.94 and maintain it to “trigger a long.”
Ripple Whales Are Back
The XRP surge was driven by these substantial market participants in July, when the asset peaked at $3.65, and they made significant accumulations in anticipation of the rally. Nevertheless, they changed their approach in the subsequent weeks, disposing of 470,000,000 tokens in a mere ten days, as reported on August 20.
Additional on-chain data indicates that Ripple whales have been discreetly withdrawing from the XRP market for an extended period, which is generally considered a bearish indicator. Nevertheless, Martinez’s most recent data demonstrates that these major investors have made another 180-degree turn.
Over the past two weeks, they have accumulated 340,000,000 XRP tokens, which are currently valued at over $950 million at current prices. This is a favorable indicator for the future price trajectory of XRP, as whales typically purchase before significant rallies and during price declines.
