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What Are Ripple Whales Doing? – Impact on XRP Price

What Are Ripple Whales Doing? – Impact on XRP Price

The global crypto market cap has surpassed the $1 trillion mark as Bitcoin and Ethereum prices gave way to bullish momentum. However, the cost of XRP is still stuck for more than ten days. XRP price continues to trade below the critical resistance level at $0.47. Despite Ripple’s occasional surge in social volume, there hasn’t been a significant spike in price or social volume even as the Ripple vs SEC case neared its conclusion.

Ripple whales activate

At the time of lettering, XRP’s price is trading at $0.459, down 0.9% on the daily chart. From a price perspective, XRP was still struggling to cope with the lack of volatility on its charts. However, the wavy whales seemed to be on the move.

Whale Watch data showed that on Oct. 29, 40,614,705 XRP worth $19.29 million were transferred from Bitstamp to an undisclosed wallet. Also, around the same time, 30,000,000 XRP worth $14.25 million were transferred to Bitstamp from an unknown wallet. Although the wave whales struggled to move, the price of XRP still stayed in the same price range.

At the time of writing, XRP’s price is trading at $0.459, down 0.9% on the daily chart. From a price perspective, XRP was still struggling to cope with the lack of volatility on its charts. However, the wavy whales seemed to be on the move.

Whale Watch data showed that on Oct. 29, 40,614,705 XRP worth $19.29 million were transferred from Bitstamp to an undisclosed wallet. Also, around the same time, 30,000,000 XRP worth $14.25 million were transferred to Bitstamp from an unknown wallet.

Although the wave whales struggled to move, the price of XRP still stayed in the same price range. Also, around the same time, 30,000,000 XRP worth $14.25 million were transferred to Bitstamp from an unknown wallet. Even though the Ripple whales tried their best to move around the price of XRP, it still stayed in the same price range. Whales generally accumulate during periods of low volatility when an asset is available at a discount and when prices are expected to rise significantly shortly. The wave whales, which hold coins between 1 and 10 million per cent, increased their holdings just in a few days. This cohort has increased its numbers significantly since May.

Is the XRP Price still range-bound?

According to the Age Consumed metric, analytics firm Santiment showed that around 11 billion tokens were moving. Spikes in the metric showed that many tickets moved after being inactive for an extended period. Due to the future price change, the price of XRP was unchanged due to the same. XRP’s 90-day MVRV trended down, showing that the Coin was also undervalued over the long term. Looking at the daily chart of XRP, it is evident that the Coin is floating in a range-bound momentum between $0.47 and $0.452. Also, retail volumes were absent from action, while the RSI showed sellers dominating the market. If the bears remain in control of XRP’s price action, the Coin could see a retest of the lower $0.44 price level.

In the event of a bullish breakout, when the bearish thesis invalidates, the following key resistance for XRP would be $0.50 and then $0.60.

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