Altcoins

Ripple whales buy 300 million XRP in two days, altcoin holds above key support

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6 months ago

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  • Ripple whales holding between 10 million and 100 million XRP tokens have been accumulating the altcoin over the past two days.
  • XRP whales added 300 million tokens between July 12 and July 15, according to data from Santiment.
  • XRP extended gains by nearly 3% on Monday, trading above $0.5300.

Ripple (XRP) posted its highest weekly gains of 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ decision in the SEC vs. Ripple lawsuit. XRP hit a high of $0.5661 on Saturday, July 13.

The altcoin extended its gains by nearly 3% on Monday and is trading at $0.5333 at the time of writing.

Daily Market Movement Roundup: Ripple Whales Buy 300 Million XRP in Two Days

  • Data from on-chain intelligence tracker Santiment shows that large Ripple wallet investors added 300 million XRP to their holdings between July 12 and 15.
  • Altcoin accumulation by whales is generally considered bullish for an asset, therefore, it supports a thesis of further gains for XRP.
  • While the cohort of large wallet investors holding between 10 and 100 million tokens added 300 million XRP, another cohort holding between 100,000 and 1 million XRP accumulated 10 million tokens in the same time frame.

XRP Supply Distribution

Technical Analysis: XRP Could Extend Gains by 13%

XRP is trading around $0.5330 on Monday, July 15. XRP’s native token Ledger has erased losses from May 26 and held above key psychological support at $0.50.

The momentum indicator, the Moving Average Convergence Divergence (MACD), supports the recent gains and flashes green histogram bars above the neutral line. This is a sign that the underlying momentum of XRP’s price trend is positive.

XRP could extend gains by another 13% and climb to $0.6058, or 61.8% Fibonacci retracement of the decline from the March 11 high at $0.7440 and the July 5 low at $0.3823.

XRP/USDT Daily Chart

A daily basis candlestick A close below $0.5205 could invalidate the bullish thesis. XRP could then find support at the July 12 high of $0.4870, the lower boundary of a fair value gap (FVG) in the chart above.

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