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XRP Flashes Buy Signal at $0.50 as Whales and Notable Investors Buy the Dip
Ripple Labs-backed cryptocurrency XRP has once again gained attention in the broader crypto market. On-chain data has revealed that a whale has accumulated 30 million coins in the past 24 hours, sparking speculation about XRP’s future price movements.
Notably, a recent bullish buzz surrounding the token is its potential to climb to $0.50. Whale activity, emerging amid significant price growth, adds to the market’s interest.
XRP Whale Activity
Recent on-chain data has revealed significant whale activity in the XRP market, capturing the attention of crypto enthusiasts. One whale address, identified as rDA…Pxrtransferred a staggering 29.7 million XRP coins, valued at approximately $12.7 million, from Binance to an unknown wallet (rfQ…Cvi).
This token movement coincided with speculation about XRP’s potential to reach its $0.50 price target. The timing of this whale activity is particularly notable as it coincides with XRP’s recent breakout of the $0.42 resistance level.
This combination of large-scale accumulation and price growth has reignited interest in the Ripple Labs-backed cryptocurrency, with many investors closely monitoring the token’s performance for signs of further upward momentum.
Recent Price Movements and Market Sentiment
XRP went through a tumultuous period in early July, with its price falling to its lowest level since March 2023. On July 5, amid a broader crypto market slump, XRP plunged 12% to hit a daily low of around $0.38. However, the token showed resilience as bulls managed to recover some of the lost ground.
The recovery continued on July 6, with XRP posting minor gains. Market analysts are now contemplating two potential scenarios: if the uptrend persists, XRP could rise towards the $0.45 resistance level before reaching the much-anticipated $0.50 mark.
On the other hand, if selling pressure intensifies, the token could test support levels around $0.407 (aligning with the 38.2% Fibonacci retracement) and potentially drop further to $0.369 (corresponding to the 23.6% retracement). These price movements have created a mix of caution and optimism among XRP investors, who are closely monitoring these key support and resistance levels.
Read too: Ripple CTO Explains Why Celsius Sued Users Who Withdrew Funds Before Bankruptcy
Notable Investors and Market Indicators
Amidst the market volatility, prominent figures in the XRP community have made notable moves. Pro-XRP Advocate Bill Morgan took advantage of the recent downturn as a buying opportunity, purchasing additional XRP for just over $0.40. Morgan’s bullish stance extends further as he hinted at plans to acquire more tokens if the price hits $0.375.
This show of confidence from a key market participant did not go unnoticed by the XRP community. On the technical analysis front, the Relative Strength Index (RSI) for XRP entered the overbought territory with a score of 58.8 on the daily charts, suggesting potential bullish momentum.
According to the latest data, XRP is trading at $0.4336, representing a 7.79% increase in the last 24 hours, despite an 8.72% decline in the past week. With a circulating supply of 56 billion XRP, the token’s market cap is $24.1 billion.
The 24-hour trading volume of $1.1 billion further underscores the active interest in XRP trading. These metrics provide a comprehensive snapshot of XRP’s current market position and the mixed signals investors are grappling with as they assess the token’s near-term prospects.
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