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Whales Save Ripple (XRP) Price as Investors Abandon
Ripple’s (XRP) price action has consistently disappointed its investors, with the altcoin seeing declines since the start of the month
Going forward, the crypto asset could see a period of consolidation as investors show mixed signals.
Ripple Investors Appear Uncertain
XRP Price Shows Mixed Signs as whales attempt to initiate a recovery while retail investors continue to exit. Addresses holding between 1 and 10 million XRP have purchased over 100 million XRP in the last 48 hours.
This accumulation of $47 million is crucial to start the recovery, given that the price of XRP tends to fall more and more each day.
Accumulating XRP Whale. Source : Feeling
However, retail investors do not seem to share this optimism and remain pessimistic. Their participation in the network remains minimal, as shown by the drop in active addresses.
Investors are likely to refrain from transacting on the network due to the lack of profits. This divergence in price and daily active addresses (DAA) sends a “sell” signal.
If Ripple Holders Continue to Retreat, the altcoin could face considerable resistance to begin the recovery. This could invalidate the whales’ attempts to push prices back up.
Learn more: How to Buy XRP and Everything You Need to Know
XRP Price Prediction: Consolidation Ahead
The price of XRP, trading at $0.474 at the time of writing, is around the crucial support at $0.473. Despite the massive accumulation by whales, the aforementioned signals support sideways momentum for the altcoin.
This would keep the crypto asset range bound between $0.473 and $0.516. The latter coincides with the 23.6% Fibonacci retracement, known as the bear market support floor. The chances of recovering it are minimal, but if that happens, the price of XRP could jumpstart the recovery.
Learn more: Ripple (XRP) Price Prediction 2024/2025/2030
On the other hand, if the $0.473 support is lost, the Altcoin May End Up Testing Critical Support at $0.460. Loss of this support would invalidate the neutral bullish thesis, leading to further decline.
Disclaimer
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