🚀Whales Betting on XRP Returns Amidst Coin’s Downsiding Performance
🐋 Whales acquired $299 million worth of XRP in just 24 hours, signaling increased activity despite mixed signals in the coin's chart.
📉 Ripple (XRP) has been sluggish in its market performance, remaining within a stagnating liquidity range. However, it has experienced a boost in whale activity, raising questions about investors' sentiment towards the coin.
💼 On-chain data for XRP derivatives presents a mixed picture. While there's been a surge in Open Interest rate and trading volume, netflows have recorded a strong downsurge for the last 4 months, indicating a lack of correlation with Ripple’s price movements.
💬 Despite the bearish sentiment, whales are stacking up on XRP, acquiring nearly $300 million in the last 24 hours. However, declining social volumes suggest a cooling off in investor sentiment towards Ripple.
📊 Fundamental factors, including legal disputes with the SEC, add controversy to Ripple's future. Ripple’s CEO expressed doubts about the likelihood of a favourable outcome for an IPO.
📈 Chart readings show XRP's price confined within a critical range, suggesting potential for a breakout. However, continuous rejections and low volatility indicate a more realistic option in the near term.
🔍 The 4-hour chart confirms low volatility and muted price action. XRP’s price has reached a narrow range, with potential for a bearish retracement or bullish breakout.
🚀 Despite the controversy, whales' optimism hints at XRP's potential breakout, with a push above moving averages signaling a bullish sentiment.
