Date: Fri, February 7, 2025 | 05:02 AM GMT
In the cryptocurrency market, major altcoins have been struggling to hold their ground since the November rally. Many altcoins have undergone a steep correction, largely influenced by the rise in BTC dominance and recent events like the DeepSeek launch and tariff-related uncertainty caused by Donald Trump’s latest statements.
Amid this, XRP has also faced a decline of 23% over the last seven days and is currently trading at $2.35. However, despite the ongoing correction, whales are making significant moves.
Source: Coinmarketcap Whale Accumulation
Whales are taking advantage of the dip by accumulating large amounts of XRP. According to crypto analyst Ali , whales have recently purchased 520 million XRP, which is worth approximately $1.22 billion at the current price levels.
Source: @ali_charts (X) This large-scale accumulation suggests that major investors might be betting on a potential price rebound in the short term.
Could This Short-Term Breakout Lead to a Recovery?
On the 1-hour timeframe, XRP has recovered from its recent low of $1.72, bouncing back to $2.35 and currently trading near the upper boundary of a falling wedge pattern.
XRP 1H Chart/Coinsprobe (Source: Tradingview) The 30-SMA (Simple Moving Average) is acting as a dynamic resistance, preventing an immediate breakout. If XRP successfully breaks above the wedge pattern and surpasses the 30-SMA, it could initiate a short-term recovery, with $2.43 and $2.52 as the next resistance levels.
However, if XRP fails to break out, it might retrace back to its lower support at around $2.30, potentially leading to further downside movement.
Final Thoughts
XRP’s technical setup suggests that a breakout from the falling wedge could lead to a price recovery, backed by strong whale accumulation. However, a failure to break resistance may keep the price in consolidation or push it back to lower support. Traders should keep an eye on the $2.30-$2.52 range in the coming hours to gauge XRP’s next move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
