XRP price has been in a consolidation phase over the past seven days, following a historic rally in November and December that saw it reach its highest levels in six years. Whale activity has stabilized, with the number of wallets holding between 10 million and 100 million XRP recovering to 301 after a monthly low of 292 on December 18.
Meanwhile, the Chaikin Money Flow (CMF) turned slightly negative at -0.07, reflecting mild selling pressure after briefly turning positive. With XRP hovering around key support levels, market indicators point to a mixed short-term outlook, with both bullish and bearish scenarios in play.
XRP Whales Are Accumulating Again
The number of XRP whales holding between 10 million and 100 million tokens has stabilized at 301, up from 296 on Dec. 24. This follows a recovery from a monthly low of 292 on Dec. 18, signaling fresh accumulation by large holders.
The stabilization suggests a possible pause in whale activity after a period of fluctuation, with these key participants potentially positioning themselves for future market developments.
Wallets containing between 10 million and 100 million XRP. Source: Santiment.
Tracking whale activity is significant because these large holders often influence price trends due to their trading volume. A recovery and stabilization in the number of whales could indicate confidence among major investors. This could potentially support the price of XRP in the short term.
If whales continue to hold or accumulate, this could create a basis for bullish sentiment. At the same time, any reduction in their holdings could signal caution or imminent selling, impacting the price of XRP.
XRP CMF Turns Negative After Brief Rally
XRP’s Chaikin Money Flow (CMF) has fallen to -0.07, down from a high of 0.02 yesterday. This follows a notable spike of 0.26 on Dec. 23, coinciding with a sharp price increase from $2.13 to $2.26 in just a few hours.
The change in the CMF highlights the varying levels of buying and selling pressure in the market in recent days.
CMF do XRP. Fonte: TradingView
The CMF, at -0.07 for XRP, indicates slight selling pressure, suggesting possible resistance to the price rising, barring an increase in buying.
However, the relatively slight negative value also implies that the selling pressure is not yet overwhelming. This potentially signals a period of consolidation rather than a sharp decline.
XRP Price Prediction: Will $2.13 Support Be Retested?
XRP price recently tested the support level at $2.13 and managed to hold it, leading to a slight price recovery. While the token has not entered a clear uptrend, further upward momentum could see it test the resistance at $2.33.
If the trend strengthens, XRP could aim for higher targets at $2.53 or even $2.64, presenting key levels for a possible bullish continuation.
XRP Price Analysis. Source: TradingView
However, whale activity and Chaikin Money Flow (CMF) indicate a lack of clear direction in the market.
If the $2.13 support is retested and fails to hold, XRP could face a drop towards $1.96 or even $1.89.
The article XRP Price Stagnates as Whales Resume Activity appeared first on BeInCrypto.
