XRP Whales Accumulate 110 Million Tokens, Indicating Bullish Sentiment

17/05 17:38

According to U.Today, XRP whales, entities or individuals who own a large amount of the cryptocurrency, have reportedly purchased around 110 million XRP tokens in the past two weeks. This accumulation, amounting to approximately $55 million, is generally seen as a positive sign as it could indicate increased buying pressure from market participants. Crypto analyst Ali, who identified this trend, used data from Santiment to show that XRP whales holding between 1 million to 10 million coins have been aggressively accumulating the digital currency. This has resulted in a net increase in the whales' XRP holdings, signaling confidence and a bullish sentiment towards the cryptocurrency. This trend has sparked interest and speculation within the crypto community about the reasons behind such a large accumulation and its potential impact on XRP's price trajectory. In terms of price action, XRP has largely consolidated in a range since mid-April. Despite attempts by bulls to push the XRP price beyond the $0.57 level, resistance has been met on two occasions. This suggests a near-term resistance around this region, which needs to be breached for the XRP price to advance. After hitting a low of $0.4841 on May 13, the XRP price began to recover, reaching intraday highs of $0.523 during a recent trading session. At the time of writing, XRP had risen 1.69% in the last 24 hours to $0.514. If XRP's price can maintain its present levels, it may rally to the overhead resistance of $0.57. However, this level may prove to be a difficult obstacle to overcome. If this is surpassed, XRP might rise as high as $0.64 or perhaps $0.74 on a breach of its daily moving averages. Conversely, if the price falls from its current level, bears may attempt to strengthen their position by bringing the price to the important support of $0.46. Buyers are expected to defend this level vigorously. A strong rebound from $0.46 might indicate that the range-bound activity may continue for some time.

Bullish

Bearish

More news about xrp bullish or bearish

May 11
How Will November’s US Presidential Election Affect Bitcoin and Cryptocurrencies? Bullish or Bearish?
Bullish
Bearish
May 07
XRP Facing Bearish Pattern as Price Spikes
Bullish
Bearish
May 02
The Bullish and Bearish Case for Shiba Inu (SHIB) Price
Bullish
Bearish
Apr 30
XRP Survives Surge in Bearish Pressure
Bullish
Bearish
Apr 25
XRP Market Turns Bearish: Key Support and Resistance Levels
Bullish
Bearish
Apr 24
Bored Apes: Bullish or Bearish?
Bullish
Bearish
Apr 18
XRP Whales Are On The Move Again, But Are They Bullish Or Bearish?
Bullish
Bearish
Apr 06
How Will Bitcoin (BTC) Price Move After The Halving? Bullish or Bearish? 5 Analysts Explained
Bullish
Bearish
Feb 13
The Impact of Donald Trump’s Re-Election on Bitcoin: Bullish or Bearish?
Bullish
Bearish
Jan 10
These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment
Bullish
Bearish

XRP Whales Accumulate 110 Million Tokens, Indicating Bullish Sentiment

More news about xrp bullish or bearish

More news about xrp bullish or bearish

Bankless: Are Bored Apes bullish or bearish?

Whales Purchase $13.7 Million in XRP Amid Bullish Signals

12 Future Bitcoin Scenarios: From Bullish to Bearish

Santiment Identifies Altcoin Trends: Three Bullish, Three Bearish Signals Among Top 150 Cryptocurrencies

XRP Wallets Reach 5 Million Milestone Amid Bullish Predictions

How Much Did Bullish Buy Coindesk For?

Crypto community bearish on the price of XRP by end of October 2022

Bearish Crypto Market Sentiment Sends Investors Back To Stablecoins

5 Reasons to Be Bearish on Shiba Inu Price and Bullish on Tamadoge

DOGE to the Moon, or Not So Soon?