Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
XRP Faces Resistance, Whale Activity Suggests Potential Rebound

XRP Faces Resistance, Whale Activity Suggests Potential Rebound

Cryptodnes2024/09/13 07:48
By:Cryptodnes

XRP has struggled to maintain a steady rise above the 50% Fibonacci retracement level of $0.60, with recent movements seeing it trapped below the 38.2% Fibonacci line at $0.55.

Although there are signs of potential recovery, the market remains cautious due to the altcoin’s repeated failures to break through these key resistance points.

Significantly, large investors, or crypto whales, have been actively accumulating XRP . Over the past week, these whales have amassed more than 330 million XRP, valued at about $177 million.

This substantial accumulation suggests that these major stakeholders are positioning themselves for a potential price increase. Historically, such large-scale purchases by whales have often preceded price rallies, indicating a possible bullish trend for XRP.

READ MORE:
Charles Hoskinson Denies Claims of ADA Staking Restrictions

On a broader scale, the Mean Coin Age (MCA) indicator, which tracks the average age of coins in circulation, has shown recent improvements. After a period of decline in late August and early September, the MCA has started to rise again, signaling that long-term holders are opting to keep their XRP rather than moving it.

This increased holding activity reflects a growing confidence among investors and could support sustained price growth for XRP. The combination of whale accumulation and improved MCA trends suggests that XRP may be poised for a rebound, potentially overcoming the resistance levels that have hindered its progress.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!