XRP fell 5%. Should we buy it when whales are hoarding?
XRP, the altcoin, has been in a very bad state recently. As soon as the US monetary policy changed, the cryptocurrency market followed the correction. XRP fell 5% in 24 hours yesterday, and is now trading at about $2.36 in the early European session. The market value of this coin is quite large, and it is now valued at about $235 billion, with a 24-hour trading volume of $20 billion. However, it has been hanging around there for the past two weeks and has not moved much.
However, since Trump's support for cryptocurrency has grown, XRP has broken through the six-year consolidation, and the bull market is coming. In addition, institutional investors have also begun to be optimistic about altcoins, and the ratio of XRP to Bitcoin has rebounded from a key position.
Speaking of this, those big whales are not idle. This week, they hoarded 860 million XRP, worth $2 billion! They have been buying, buying, and buying, and are optimistic about the rise of this coin.
Ripple is also very powerful, and its business model is very reliable, which makes XRP popular again. As soon as Trump takes office, the lawsuit between Ripple and the SEC may be resolved. On Wednesday, Ripple also launched the RLUSD stablecoin, which is supported by exchanges and DeFi protocols, and XRP's liquidity and cross-border payment capabilities have been improved.
From a technical point of view, the price of XRP has broken through the previous pennant shape and may rise to more than $3.4. However, if it stays below $2 in the next few weeks, the rise may have to take a break, and the market adjustment will continue.
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