Multiple Crypto Whales Have Joined the XRP Network: Report

  • These whales purchased $155.4 million worth of XRP, according to the data.
  • At press time, the price of XRP has printed a 24-hour gain of 1.12%.

Crypto analyst Ali (@ali_charts) tweeted yesterday that approximately 50 Ripple (XRP) whales joined the Ripple Network over the past month.

In the tweet, Ali referenced data from the blockchain analytics firm, Santiment, which showed that these XRP whales have purchased around 420 million XRP. With prices at the time of all of the purchases, it is estimated that the total dollar value purchased is around $155.4 million.

At press time, the price of XRP is up 1.12% over the last 24 hours according to CoinMarketCap. This 24-hour gain has boosted the remittance token’s weekly price performance as well – taking the total weekly gain to 4.18% at press time. As a result, XRP’s price currently stands at $0.3849.

Despite strengthening against the U.S. Dollar, XRP has weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 3.40% and 0.12% respectively over the last 24 hours.

The daily trading volume for XRP has spiked as the new week kicks off. Currently, XRP’s daily trading volume stands at $1,318,535,851 after it increased 66.02% in the past 24 hours.

Daily chart for XRP/USDT (Source: TradingView)

Currently, XRP’s price is resting on the key support level at around $0.3795. The altcoin’s price has already dropped below this level earlier in today’s trading session, but bulls stepped in to push XRP’s price back up.

Nonetheless, technical indicators on XRP’s daily chart suggest that its price will drop in the next 24 hours. At press time, the 9-day EMA line is looking to cross bearishly below the 20-day EMA line, and the daily RSI line is sloped negatively towards the oversold territory.

A confirmation of this bearish thesis will be if XRP’s price closes below the two previously-mentioned EMA lines.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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