Crypto Whales Accumulate $30 Million Worth of XRP as Token Gearing Up for Massive Rally Targeting $1

Despite multiple indicators suggesting Ripple's (XRP) price would retest $0.65 in August, the token has struggled to reach that level.

Crypto whales have been accumulating XRP in large quantities, indicating a potential price increase. If this buying trend continues, on-chain analysis suggests that XRP could move closer to the $1 mark.

Here's a breakdown of the recent whale activity and its possible impact on XRP's price:

1. Whale Buying Spree: Another Round of XRP Tokens Purchased

- Crypto whales, known for their substantial holdings and significant influence on the crypto market, have been actively accumulating XRP tokens in another round of buying.

- On-chain data reveals that these whales, specifically those holding between 1 million and 10 million tokens, made another round of purchases on Monday.

- According to the data, these whales purchased 50 million XRP in the last 24 hours, which, at the current price, is valued at $29.50 million.

2. Large-Scale Buying Can Influence Prices: Whales Play a Key Role

- Large-scale buying or selling of a cryptocurrency typically influences its price.

- When whales buy in bulk, it usually leads to price increases, while sell-offs by whales tend to drive prices down.

- In the case of XRP, this strong accumulation could potentially reverse the recent downtrend, which saw its price decline by 3% over the past seven days.

3. Active Addresses on Ripple's Network on the Rise: A Bullish Sign

- The number of active addresses on Ripple's network also saw a promising increase.

- On Monday, the active addresses were just over 15,000, but as of this writing, that number has risen to 18,100.

- This metric tracks the number of users engaging in transactions on a blockchain, and a rising number indicates more wallets are interacting with the token, presenting a bullish outlook.

4. XRP Price Prediction: Gearing Up for a Rally Towards $1?

- Prominent crypto trader on X, TraderSZ, seems to share a similar sentiment, suggesting that XRP is gearing up for a massive rally that could send the price toward the $1 mark.

- According to him, on the chart, the crypto is set to rise past the descending trendline, and the last time XRP did that, it rallied toward $0.90 and eventually went on to cross $1.

- A closer look at the daily chart reveals that XRP's price has risen above the 20-day Exponential Moving Average (EMA), which tracks trend direction and provides insight into the short-term price momentum of a cryptocurrency.

- Usually, trading above the EMA is a bullish signal for the cryptocurrency.

5. XRP Faces Resistance at $0.61, But Bulls Poised to Push Past $0.65

- From the chart, we can see that XRP faced resistance at the $0.61 level as it encountered a supply zone that needs significant bullish momentum to break through.

- However, that may soon change as XRP bulls appear poised to push the price beyond $0.65.

- Further supporting this outlook, XRP has been consistently forming higher lows.

- In technical analysis, higher lows occur when each lowest point is higher than the previous one, indicating that buyers are accumulating at progressively higher prices.

- This pattern suggests growing strength and confidence in the token’s potential for an upward move.

6. If sustained, XRP might resume its uptrend, and surpassing $0.63 could be the first stop.

- If achieved, the token could attempt to head toward $1.

- However, if selling pressure increases, XRP could lose another 5% of its value and drop to $0.54.

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