• XRP has increased by 2.5% in the past 24 hours, rising to $0.375464 amid a 5% gain for the cryptocurrency market as a whole.
• Whale Alert has highlighted some very large transfers of XRP in the past few days, suggesting that at least some XRP whales are buying and preparing to hold.
• Indicators suggest that the coin is ripe for a rally, with its 30-day moving average falling below its 200-day average, and its relative strength index being depressed since mid-February.
XRP Price Increase
The XRP price has increased by 2.5% in the past 24 hours, rising to $0.375464 amid a 5% gain for the cryptocurrency market as a whole.Its current price equals a 0.5% gain in the past week, although the altcoin is also down by 2% in the past month, while it’s up by 10% since the beginning of 2023.
Waves of Buying Pressure from Whales
Whale Alert has highlighted some very large transfers of XRP in the past few days, suggesting that at least some XRP whales are buying and preparing to hold. This includes a couple of large transfers (worth $11.3 million and $18.8 million) of the Mexico-based Bitso exchange, indicating that larger investors could be waiting for an eventual surge before entering their positions..
Indicators Suggesting Potential Rally
Indicators suggest that the coin is ripe for a rally, with its 30-day moving average falling below its 200-day average, and its relative strength index being depressed since mid-February. At present, XRP’s main resistance level is somewhere around $0.38 which means if it can break through this price then bigger gains could be on cards soon..
Ripple Lawsuit Conclusion Could Lead To Bigger Gains
With Ripple expecting an end to its case with SEC later this year ,XRP could be in for a very big rally sometime soon .Moreover ,data suggests massive transfers of XRP from some of markets largest traders and with coins 24 hour trading volume now topping 900 million dollars
Conclusion
It appears whales are possibly preparing for future rallies ,with data showing massive transfer from some biggest traders . Moreover , indicators suggest that coin is ripe enough for potential rallies .However ,it remains unclear if all whales believe such surge is set to come soon or not .