Coin Edition -
- XRP whales accumulated $6.82 million worth of the token over the past week.
- XRP’s support at $0.57 may be crucial to a possible run to $0.67 if buying pressure increases.
- The token may test a new yearly high if whales continue to buy and Bitcoin drives towards $40,000.
Whales have purchased around 11 million worth of Ripple (XRP) in the last seven days, Crypto analyst Ali Martinez disclosed. Martinez, who shared the data from on-chain analytic platform Santiment, noted that the value of these tokens was around $6.82 million.
#Ripple | On-chain data shows that #XRP whales have purchased around 11 million $XRP over the past week, worth roughly $6.82 million! pic.twitter.com/VnWpaMoOYR— Ali (@ali_charts) November 25, 2023
Typically, when these whales accumulate in large numbers, it signals a shift in market sentiment and a potential increase in value. So, traders can modify their strategies and possibly capitalize on this likely market movement.
However, according to CoinMarketCap, the buying spree’s effect has not yet been reflected on XRP. At press time, the XRP’s value was $0.62, indicating that the token has been consolidating around the same area over the last week.
More Buy Orders Can Send XRP to $0.67
From the technical outlook, XRP’s next movement was still not certain. But one thing that was observed from the XRP/USD 4-hour chart is that it might be difficult for the token to trade below $0.57 in the short term.
This inference is because bulls camped around this area and held it as support on November 21. Also, the support at $0.57 was also instrumental to the upward run XRP had between November 21 and 23.
Coin Edition also looked at the Awesome Oscillator (AO). Between November 17 and 24, the AO had formed a bullish twin peak, helping XRP rise from $0.57. But subsequently, the uptrend could not go beyond 24th because the initial buying momentum had slowed down.
Should whales keep buying as they have done in the last seven days, then XRP’s momentum may turn bullish. In addition, the token could quickly retest $0.67. However, if these large buys come to a halt, then XPR may sink back to $0.60.
XRP/USD 4-Hour Chart (Source: TradingView)
What Else Matters?
The On Balance Volume (OBV) as shown in the chart above showed that XRP has a higher chance of moving upwards than plunging. This is because the OBV has been moving out of the negative volume flow.
The increase in the OBV reading means market players are tilting toward buying XRP rather than selling it. If the buying pressure increases, then the OBV reading may exit the negative region, paving the way for XRP to have a shot beyond $0.70.
Meanwhile, XRP’s movement may also depend on Bitcoin’s (BTC) quest to jump above the $37,000 region. If BTC moves towards $40,000, then XRP may surpass $0.80 and test a new yearly high due to the strong correlation between the two cryptocurrencies.
The post Ripple (XRP) Whales Are At It Again: Time for a Yearly High? appeared first on Coin Edition.