XRP price has fallen nearly 3% recently, and despite the short-term weakness, the long-term trend remains bullish, mainly supported by large holdings by whale investors and good fundamentals. Whale transfers and the cooperation of major banks to join the Ripple payment network show the activeness of the XRP market, and the possibility of price breakthroughs remains despite the downside risks.

Key Points

- XRP fell 2.2% in 24 hours and accumulated a weekly loss of 2.8%.

- A large number of whale transfers may affect the upcoming price increase, leading to selling suppression.

- An increasing number of global banks are joining Ripple's payment network to reduce costs and increase transaction speeds.

- The supply of XRP on exchanges has fallen to 2.64 million, which is considered a bullish signal as investors prefer to hold rather than sell.

- The amount of XRP held by large investors has increased from 388 million in early August, reflecting market confidence.

- XRP is currently priced at $0.5728, and the 50-day and 20-day exponential moving averages provide short-term support and resistance.

- If XRP breaks above the 20-day resistance, it could trigger a 21.6% price rally to the $0.74 target.