XRP, supported by Ripple Labs, has attracted attention again in the cryptocurrency market. The existence of a whale accumulating 30 million XRP in the last 24 hours has increased speculation about the future price movements of XRP. This massive accumulation movement attracted market attention to XRP and supported potential bullish expectations.
Whale transferred 29.7 million XRP, worth approximately $12.7 million, from Binance to an anonymous wallet. This move increased interest in the market, highlighting the potential for XRP to reach the $0.50 level. There is currently a total of 31.59 million XRP in the mentioned wallet address.
XRP has gone through a turbulent period, falling to its lowest level since March 2023 in early July. During the market crash on July 5, its price fell 12 percent to approximately $0.38. However, analysts think that if the bull trend continues, XRP may stage a rally to the $0.45 resistance level and then target the 0.50 level. On the other hand, it is stated that if the selling pressure increases, the price may test the $0.407 support level.
Bill Morgan, a prominent lawyer in the XRP community, announced that he considered the recent decline as a buying opportunity and bought XRP at just over $0.40. Morgan hinted that he might buy more 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 zone at 58.8, indicating a potential bullish momentum.
Implications for investors:
Whale activity can often indicate large price movements.
If the bull trend continues, resistance levels can be targeted.
If selling pressure increases, support levels may be tested.
Technical indicators can give clues about the direction of the market.
According to the latest data, XRP is trading at $0.4336 and has increased by 7.79 percent in the last 24 hours. The circulating supply of XRP is 56 billion and its market value is 24.1 billion dollars. This data reflects active interest in XRP trading.$XRP
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