In the last 24 hours, the most preferred altcoin by whales was XRP. The data show that the day of whale accumulation caused a significant increase in trading volume. Analysts are now looking for opportunities taking shape in the Ripple chart…
Altcoin whales collect $73M worth of XRP
Fintech giant Ripple’s cryptocurrency XRP has been making the headlines for over a year due to the “securities” lawsuit filed by the SEC. Meanwhile, crypto whales are adding massive amounts of XRP to their wallets from time to time. According to Whale Alert, in the most recent transactions, whales bought $73 million worth of XRP.
A whale has collected more than $40.1 million in XRP in a single transaction, according to the data tracker. Thus, it recorded the largest transaction in the last 24 hours. However, another whale bought about $20.7 million worth of XRP.
Still, thanks to this whale move, the XRP price has gained about 2% in the last 24 hours. The price is suggesting a potential rebound after sweeping bottoms at $0.326. FXStreet analyst Akash Girimath says closing the day above $0.326 is critical for the bulls.
Potential opportunities on Ripple chart
Ripple price fell by about 13% between August 18 and 22. It is currently spending time above the critical $0.340 resistance level. As the Bitcoin price continues to consolidate in a narrow range, the uncertainty of XRP’s direction disappears.
According to analyst Girimath, the next best opportunity for Ripple bulls will be buying from the equal lows of $0.326. In such a case, those who take positions accompanied by new investors can wait for the intermediate resistance level, which ranges from $ 0.357 to $0.360.
On the other hand, a different scenario will emerge if ripple price breaks even bottoms at $0.326. The bears’ hand will get stronger if ripple price fails to recover above this support base. According to the analyst, this will invalidate the bullish recovery thesis. In such a case, traders can expect the XRP price to revisit the $0.309 foothold, where buyers can stop absorbing the selling pressure and give the bulls another chance at a recovery rally.
10685
