XRP whales have made bold moves by acquiring over 50 million XRP tokens in just 24 hours.
This surge in accumulation, valued at approximately $29.5 million, has caught the attention of analysts and traders alike. The sudden influx of whale activity signals a potential bullish sentiment among major investors in the XRP community, raising questions about the underlying factors driving this substantial acquisition.
#Ripple whales have scooped up over 50 million $XRP in the past 24 hours, boosting their holdings by approximately $29.5 million! pic.twitter.com/nqNMG2J5Ng
— Ali (@ali_charts) August 27, 2024
Whale Activity: A Bullish Signal?
The accumulation of such a large amount of XRP in a short period has prompted speculation about the possible motivations behind these purchases. The broader cryptocurrency market has been experiencing a wave of optimism, partially fueled by expectations of potential Federal Reserve interest rate cuts.
Investors appear to be seeking out risk assets, including cryptocurrencies, as they anticipate changes in monetary policy that could benefit the market.
Ali Martinez, a prominent crypto analyst, highlighted this surge in whale activity, noting that the recent accumulation by XRP whales aligns with broader market trends. Over the past week, digital asset investment products saw inflows totaling $533 million, marking the highest inflows in five weeks.
This increase followed remarks made by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, where he speculated that the first interest rate cut could occur in September. Notably, XRP attracted $0.3 million in inflows during this period, reflecting growing interest in the token.
XRP Price Fluctuations: Market Response
There has been volatility in the XRP price within the last 24hours. This activity is as a result of increased whale movement. The price of XRP started at around 0.5905 and dipped to almost .579 before gaining ground gradually. This initial formation could mean that there’s heavy selling pressure, maybe some market overhang concern or other causes that tend to sway investors.
Recovery ensued, but in many respects, it was taken at a slow pace. XRP’s price hovered between 0.583 and 0.590 as the duration of the day increased. Towards the later end of the day, the price of XRP was able to go up over 0.590 at USDT and went as high as 0.595. This implies that there is a positive sentiment in the market, where buying pressure is beginning to surpass selling pressure.
The technical analysis of XRP’s price action provides further insight into the current market sentiment. The XRP/USD daily chart from TradingView shows that the price is hovering around $0.5936, after a period of consolidation.
The chart highlights significant volatility over the past year, with XRP experiencing peaks above $0.70 and dips below $0.40. Despite several attempts to break above key resistance levels, XRP remains within a broader range between $0.55 and $0.65.
Source: CoinMarketCap
The Moving Average Convergence Divergence (MACD) indicator on the chart is slightly bullish, with the MACD line crossing above the signal line. However, the relatively small histogram bars indicate that the momentum appears weak.
Source: TradingView
Meanwhile, the Relative Strength Index (RSI) is currently at 53.88, signaling neutral market conditions. This suggests that XRP is neither overbought nor oversold, reflecting a market that is in a cautious phase.
The post XRP Price Prediction August 27: XRP Whales Acquire 50 Million Tokens, But Will Bullish Momentum Sustain? appeared first on Coinfomania.
