XRP Whales Buy the Dips - Analyzing the Impact on Price Action
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The recent price decline of Ripple [XRP] has caught the attention of large investors, with on-chain data showing that whales are accumulating coins in large quantities.
Combined with a neutral MVRV ratio and the stability of key support levels, these developments suggest that the token may experience a bullish reversal.
Ripple Whale Accumulation Activity in Full Swing
The whale holding distribution map shows a steady increase in the XRP balances of large holders. Analysis of wallets holding between 1 million and 100 million XRP indicates that accumulation has increased.
As XRP's price faces downward pressure, this accumulation phase has intensified, reflecting the classic “buy the dip” strategy of major investors.
Historically, whale accumulation during market downturns often signals an imminent price rebound. Large holders tend to strategically position themselves, anticipating significant bullish reversals.
The current trend highlights growing confidence in XRP's medium to long-term recovery.
Key Support Levels Provide Stability
As shown in the XRP price chart, Ripple's price receives strong support at $2.32 and is supported by the 50-day moving average at $1.59.
Despite struggling to break through the Fibonacci retracement level of $2.46, the token has managed to maintain its position above key moving averages, reflecting potential bullish sentiment.
Trading volume remains strong, indicating sustained market interest. The combination of whales increasing their holdings and weakening selling pressure enhances XRP's ability to break through current resistance levels, paving the way for a potential rebound.
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