XRP Whales Instill Confidence in the Market: Price Increase Signals Strengthening
As XRP tries to move past the fluctuations of recent days, a stable increase in its price is observed. The token, which has gained 8.4% in the last 48 hours, is currently trading at $2.19. Although market sentiment still lacks a clear direction, large investors, or 'whales', have taken a strong buying position.
Whale Support of $915 Million for XRP
Last week, addresses holding between 10 million and 100 million XRP made purchases of approximately $915 million by adding over 420 million XRP in total. This large-scale accumulation shows that whales see the current prices as a buying opportunity and have confidence in XRP's future rise.
This movement reinforces the belief of whales in XRP despite short-term uncertainties and indicates that positions are being taken in expectation of a price recovery.
Decrease in New Investor Participation
Although whales support XRP, there has been a significant drop in the number of new wallets on the network. Last week, the number of new addresses fell to its lowest level in the last two months, revealing that market interest has weakened among new users. This could be a signal that XRP is struggling to achieve sustainable growth.
This decrease in the number of new users indicates that there is still a prevailing caution in the market despite whale purchases.
XRP Technical Outlook: What Are the Critical Levels?
With the support of whales, the price of XRP is moving towards the resistance level of $2.23. Breaking this level could open the door for the price to climb up to $2.32. However, for this to happen, the resistance at $2.27, seen as an intermediate resistance, needs to turn into a support level and maintain stability at this level. Such a scenario would confirm that the bullish trend in XRP is continuing.
However, in a negative scenario, if market conditions worsen or investors realize profits, the price of XRP could fall below the support of $2.13. In this case, there is a possibility of a decline to $2.02, and the bullish outlook would become invalid.
Conclusion: XRP's Direction Depends on Whale Support and New Participation
The potential for a price increase in XRP in the short term is supported by strong buying support from whales. However, for a sustainable rise, not only large investors but also new users and retail interest need to increase.
While the confidence of whales is an important signal, overall market sentiment and technical levels should be closely monitored. The future of XRP depends on its ability to maintain institutional interest and achieve widespread adoption.
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