Ripple [XRP] has seen some unimpressive price movements recently, but market sentiment around the cryptocurrency remains positive.
Ripple Continues to Be Optimistic, But Momentum Is Lacking
Ripple price chart analysis shows a neutral to slightly bullish outlook. Currently, XRP is trading at $0.5853, up 0.12%, reflecting a consolidation phase with a slight bullish bias.
Key technical indicators such as Moving Averages and Relative Strength Index (RSI) have supported this outlook.
The 50-day moving average (yellow) recently crossed above the 200-day moving average (blue), forming a Golden Cross—a classic bullish indicator that signals a positive mid-term trend change.
However, XRP's price action shows a sideways pattern, with the coin hovering around $0.58. The RSI is currently at 55.98, indicating neutral momentum with a slight bias towards bullish territory but still far from overbought conditions.
XRP needs to break above recent highs around $0.60 to have a chance to break out stronger. Meanwhile, key support levels remain around the moving averages around $0.55.
Current factors point to a cautious market, but whale accumulation suggests otherwise.
Whales Increase Ripple Accumulation
From May to early August 2024, the number of large Ripple investors remained relatively stable with minor fluctuations, indicating very limited accumulation or selling activity.
However, early August marked a sharp increase in the number of large investors. This increase suggests a period of sudden accumulation among whales.
Furthermore, in the past ten days, whales have purchased more than 380 million XRP, worth about $228 million. This accumulation surge indicates increased confidence or strategic positioning by large investors in anticipation of favorable market conditions.
After this surge, the number of large wallets stabilized at higher levels, indicating that selling pressure has decreased.
Grayscale Boosts XRP’s Positive Sentiment
To boost the positive sentiment, a recent report from Grayscale highlighted that Ripple achieved the highest weekly returns among its top 10 crypto assets.
XRP recorded a 9% return, surpassing Avalanche, which came in second with an 8.4% return. This strong performance has further increased market confidence in Ripple, although its price has struggled to gain momentum.
