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Crypto Whales Stock Up on XRP – What to Expect from the Price?

Crypto Whales Stock Up on XRP – What to Expect from the Price?

Cryptodnes2024/06/13 16:49
By:Cryptodnes

Recently, many people are just speculating on the future of XRP, but they think that a consolidation at the $0.5 level is possible.

Despite the fact that the price seems stagnant, the latest onchain metrics show a large amount XRP , which is kept by the big investors. At the same time, this means that the addresses that have 100 million XRP have increased their shares. Such behavior, in turn, demonstrates a strong expectation that an uptrend is ahead.

What's more, the Investment Dollar Average Age (MDIA) indicator supports this scenario. Already on the first day of June, the 90-day MDIA in XRP was 1.812, thus clearly demonstrating that some of the investors are more inclined to hold their tokens in their wallets instead of trading.

A crypto analyst under the pseudonym Dark Defender shared an interesting research. IN publication on June 12th on X (Twitter) he mentioned that XRP is seeing a very well-known pattern that dates back to 2017.

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The expert is convinced that XRP has crossed above a strong support line and the indicator has been essential in determining tolerance and protest against the market. Dark Defender also expects a break above $0.6640 and then above $1, which are the main hurdles to ensure a bullish scenario.

Crypto Whales Stock Up on XRP – What to Expect from the Price? image 0

The analyst stated: “On the other side of the orange line, resistance sits around $1. It will be easy to move above $0.6640 and $1. ",

In addition, differentiation is foreseen in the movement of XRP against the increase in the prices of other assets such as Bitcoin (BTC) . One of the main factors seen as decisive for XRP's value to skyrocket is a possible court victory against the SEC.

In addition, Ripple's global cooperation with financial firms, which is consistent, and the continuous growth of foreign markets have strengthened its position as one of the most reliable cryptocurrencies. The community is also expecting a boom in the market once Ripple introduces its stablecoin pegged to the US dollar, which could further increase the supply of XRP.

Overall, the current price action of XRP may seem uninteresting, but if we still look at whale activities, technical indicators and fundamental news, the potential is quite high for this asset in the near future.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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