Retail Investors Abandoned XRP but Ripple Whales Have Stepped Up: Analyst
A very “ideal situation” for XRP has developed over the past few months, claimed a popular market observer, indicating that large whales have become the dominant buying force behind the asset.
Their comments come as the price of Ripple’s cross-border token has struggled over the past seven days, posting a 5% decline and losing the fourth spot in terms of market cap to BNB.
Whales Stepping Up
Over its more than a decade of existence, XRP has become a fan favorite among retail investors, with a growing, highly vocal community. However, CW noted that the latest ecosystem moves have not been initiated by such investors. Just the opposite; the analyst said they have “lost interest in XRP.”
The silver lining in their post on X shows that whales have stepped up by adding both spot and futures XRP positions. The analyst indicated that this is a “very ideal situation” for the underlying asset.
In a separate post, CW doubled down on this narrative, indicating that Ripple whales have been “continuing their accumulation for over a year.” What’s even more promising is that they “accumulate only at the bottom before an uptrend begins.”
CW explained that whales went on a massive buying spree when the asset traded between $0.30 and $1.30, and have now turned their focus on the $1.20 and $3.00 cluster.
30% Move Next for XRP?
Fellow analyst Ali Martinez noted that XRP is breaking out of a symmetrical triangle on the 4-hour chart. He predicted a 30% move next, but unfortunately for the bulls, the breakout appears to be on the downside at least for now.
CryptoWZRD also weighed in on XRP’s recent performance, outlining the significance of the $1.34 support, which is currently being tested. The 5% weekly decline has driven the asset to just under that level now, but the analyst said XRP could bounce toward $1.43 if it maintains that line.
The post Retail Investors Abandoned XRP but Ripple Whales Have Stepped Up: Analyst appeared first on CryptoPotato.
추천 콘텐츠
👨🏿🚀TechCabal Daily – Job cuts at Kuda
Cryptos Signal Divergence Ahead of Fed Rate Decision
