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Whales Make a Ripple Price: 360 Million XRP Purchase Sparks Hope for $1 Breakthrough?

Crypto traders are closely monitoring the situation, with speculation rampant about the future. Let's take a look at this Ripple price.

Prasanna Peshkar

Prasanna Peshkar

June 29, 2023 3:12 PM

Whales Make a Ripple Price: 360 Million XRP Purchase Sparks Hope for $1 Breakthrough?

The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has plunged XRP into a realm of uncertainty. Crypto traders are closely monitoring the situation, with speculation rampant about the cryptocurrency’s future. Let’s take a look at this Ripple price article in more detail.

Whales Seize the Opportunity Amidst Price Decline

#Ripple whales bought the dip!

While the price of #XRP dropped 12% from June 22 to June 28, whales bought 360 million $XRP worth nearly $170 million. pic.twitter.com/QI0m45cIio

As XRP’s price experiences a noticeable decline, an unexpected turn of events has emerged. Crypto whales, renowned investors holding significant amounts of specific cryptocurrencies, have capitalized on the dip. Ali Martinez, a respected crypto expert, reveals that these whales have acquired approximately $170 million worth of XRP, amounting to 360 million tokens, between June 22 and June 28. This significant purchase signals a renewed trust in XRP, potentially instilling confidence in smaller investors.

Ripple Price Analysis and Market Stability

XRP’s current price stands at $0.47, marking a 1.37% decrease over the past 24 hours. The cryptocurrency has faced a decline of more than 5% in the past week, causing a loss of nearly $1 billion in market capitalization. However, XRP’s support level of $0.43, encompassing the 100-day moving average and the horizontal support from the prior swing high, holds significance. On the upside, the 200-day moving average poses resistance at around $0.483, while $0.55 serves as a long-term resistance area. These factors contribute to establishing potential stability in the market.

A Positive Outlook Amidst On-Chain Indicators: Although recent price performance may seem discouraging, specific on-chain indicators are pointing towards a bullish sentiment for XRP. The number of active XRP addresses has experienced a notable surge in recent days, a pattern historically associated with price rallies. This increase in network activity indicates a positive outlook for XRP’s future.

Conclusion

As the legal dispute between Ripple and the SEC continues, XRP remains in a state of uncertainty. However, the recent actions of crypto whales, acquiring a substantial amount of XRP during its price decline, suggest renewed trust in the cryptocurrency. The increasing backing from investors could set a solid foundation, mitigating the possibility of further downward shifts and providing much-needed stability to the market. Furthermore, on-chain indicators point towards a bullish sentiment, bolstering the optimism surrounding XRP’s future.

Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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