Ripple whales have accumulated almost 50 million XRP (equivalent to about $26.5 million).
XRP is about to break important resistance levels: The 50-day moving average at $0.56 and the 200-day moving average at $0.54. #Ripple [XRP] has been trading in a sideways trend for the past few days, and the #token failed to break through key resistance levels despite positive price dynamics. However, whale investors have shown renewed interest in increasing their holdings, and the inflow of #XRP to exchanges continues unabated.
According to Santiment, over the past three days, the number of addresses of Ripple "whales" owning from 1 million to 10 million XRP has increased. The total number of such addresses increased from 1,606 to 1,614.
Over this period, "whales" acquired a total of about 50 million XRP, which corresponds to about 26.5 million U. S. dollars.
This accumulation is especially noteworthy if we consider that the price of XRP remained unchanged without significant changes. Despite the stagnant price, whales are betting on a potential breakout and long-term growth.
An analysis of Ripple's daily price dynamics shows that XRP is trying to break above the 50-day and 200-day moving averages.
The 50-day moving average (yellow line) acts as a long-term resistance line and at the time of publication was at $0.56, while the 200-day moving average (blue line) was at $0.54. Last week, XRP saw a short-term uptrend, but not strong enough to lift the price above the 200-day moving average. XRP #rose slightly to USD 0.53 in the last trading session. However, the momentum has not been sustained and the price is still near this level. In addition, Ripple's Relative Strength Index (RSI) stood at 42, indicating a downtrend approaching oversold territory.
So, if the price continues to fall, it could fall further into bearish territory.
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