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XRP has shown remarkable resilience lately, maintaining its position above a critical support level, although significant price movement still looms. Key data from Santiment shows that whales are actively accumulating XRP, having purchased more than $228 million in recent days.
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This aggressive accumulation signals growing confidence among large holders as the market moves toward higher prices. Analysts and investors are keeping a close eye on XRP, awaiting a breakout from key supply levels that could spark a rally to new highs.
With bullish sentiment rising, the coming days will be crucial in determining XRP’s price direction and its role in the ongoing market cycle. Will this whale activity lead to a major upside move, or can XRP remain within its current range? Only time will tell, but expectations are high as momentum increases in the broader crypto market.
XRP investors are waiting for a big move
The crypto market has seen a significant rise, with Bitcoin and many altcoins posting double-digit percentage gains in recent days. The Federal Reserve’s decision to cut rates by 50 basis points sparked this rally, fueling optimism among investors who are now looking forward to the possible start of a new crypto bull run. Although investor sentiment for XRP has turned positive, the market has not yet reflected this in the token’s valuation.
Top analysts and market participants share insights that indicate XRP may be gearing up for strong performance this cycle. A prominent technical and on-chain analyst, Ali, highlighted this cconvincing data from Santimentshowing that XRP whales are making substantial strides.
In the past 10 days, these large holders have purchased over 380 million XRP, worth approximately $228 million. This marks the highest level of whale accumulation since early August, a bullish signal for XRP. The accumulation of XRP by whales – often considered “smart money” – is a sign of strength and confidence in the token’s future price action.
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As the broader market continues to rise, investors are optimistic that this accumulation could be an early indicator of a major rally for XRP in the coming days. As momentum builds, many are preparing for the next big step.
Price levels to watch
XRP is currently trading at $0.59 after several days of choppy price action, testing a supply level around this range. While XRP remains above the daily 200 moving average (MA) at $0.549 – a sign of long-term strength – it has struggled to close above $0.60 since late August.
For bulls to trigger a move to new local highs, the price needs to regain the $0.60 level and stay above it. This would pave the way for a challenge to a key liquidity zone around $0.65.
The $0.65 price point has served as a significant resistance level and has been unbroken since early March. It is also considered a psychological barrier that, if broken, could quickly drive the price to higher levels. Investors and analysts are watching this level closely as breaking it would likely generate renewed bullish momentum.
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However, if the price does not close above the current price level in the coming days, a pullback to the daily 200 MA around $0.55 is expected. This would represent a critical test of support, and any break below this level could mean further downside risk for the token.
Featured image of Dall-E, chart from TradingView