The altcoin XRP, supported by Ripple Labs, attracted attention recently when a large whale accumulated approximately 30 million XRP. This move increased speculation on the future price movements of XRP and generated great interest in the market.
Whale transferred 29.7 million XRP from Binance to an anonymous wallet (rfQâŠCvi) in the last 24 hours. This move equates to a value of approximately $12.7 million and has caused XRP to attract renewed attention in the market. There is currently a total of 31.59 million XRP in the wallet address in question.
XRP lost 12 percent of its value to $0.38 during the general market decline in early July. However, its price recovered somewhat as the bulls returned to the market. Analysts predict that if the bull trend continues, XRP may break the resistance level at $0.45 and initiate a move towards $0.50. However, it is stated that in case of possible selling pressure, XRP may test the $0.407 support level and even decline to $0.369. This situation requires cautious optimism for XRP investors.
Lawyer Bill Morgan, one of the leading names in the XRP community, announced that he bought XRP above $0.40, seeing the recent decline as a buying opportunity. Morgan hinted that he might buy more XRP if the price drops to $0.375.
In terms of technical analysis, XRP's Relative Strength Index (RSI) on the daily timeframe has entered the overbought territory with a value of 58.8, which may indicate a potential bullish momentum. According to the latest data, XRP is trading at $ 0.4336 and increased by 7.79 percent in the last 24 hours, while it decreased by 8.72 percent in the last 7 days. The circulating supply of XRP is 56 billion and its market value is 24.1 billion dollars. The $1.1 billion transaction volume recorded in the last 24 hours reflects the intense interest in XRP trading.
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