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Whales save Ripple (XRP) price as investors give up
Ripple (XRP) price action has consistently disappointed its investors, with the altcoin seeing declines since the beginning of the month
Going forward, the cryptoasset could see a period of consolidation as investors show mixed signals.
Ripple Investors Look Uncertain
XRP price is seeing mixed signals as whales try to kick start recovery while retail investors continue to retreat. Addresses holding between 1 million 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, as the XRP price tends to drop further and further every day.
XRP Whale Accumulation. Source: Most Holy
However, retail investors do not appear to share this optimism, as they remain bearish. Their participation in the network remains minimal, visible in the declining active addresses.
Investors are likely to refrain from trading on the network due to the lack of profits. This divergence between price and daily active addresses (DAA) is flashing as a “sell” signal.
Self Ripple holders continue to retreatthe altcoin may face significant resistance in starting the recovery. This could invalidate the whales’ attempts to rally the price.
To know more: How to buy XRP and everything you need to know
XRP Price Prediction: Consolidation Coming Soon
XRP price, trading at $0.474 at the time of writing, is hovering around the crucial support at $0.473. Despite the massive accumulation by whales, the above signals support the altcoin’s sideways momentum.
This would keep the crypto asset confined between $0.473 and $0.516. The latter coincides with the 23.6% Fibonacci retracement, known as the bear market support level. The chances of recovering it are minimal, but if it happens, XRP price could restart its recovery.
To know more: Ripple (XRP) Price Prediction 2024/2025/2030
On the other hand, if the $0.473 support is missed, the altcoin may end up testing critical support at $0.460. Loss of this support would invalidate the bullish-neutral thesis, resulting in further declines.
Disclaimer
In line with the Trust project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimer They have been updated.