Ripple price has consolidated around $0.50 since September 1. However, media rumors and on-chain fundamental indicators now indicate an imminent rally. Crypto analyst Ibrahim Ajibade explores the merits behind rumors that Blackrock is integrating its altcoin project into its crypto expansion strategy with on-chain analysis.
Will Blackrock take Ripple to the top?
As you follow from Kriptokoin.com, the price of Ripple (XRP) reached its 2023 peak of $0.83 in July 2023 after winning a landmark victory against the US Securities and Exchange Commission (SEC). The victory allowed many long-term holders to exit at affordable prices.
However, recent social media comments have fueled rumors that Blackrock, the world’s largest asset manager with over $9 trillion under management, may consider including XRP in its crypto expansion push. On-chain data trends have revealed key data points for the altcoin that could fuel this speculation.
Altcoin whales uploaded 690 million XRP in two months
XRP went on a profit-taking spree that lasted two months. Following this, the XRP price fell by 40% from the peak of $0.83 recorded on July 13. But interestingly, on-chain data reveals that a group of crypto whales immediately went back into XRP accumulation mode when the price dropped below $0.70 towards the end of July. As you can see in the chart below, whale investors holding between 1 million and 100 million coins added 690 million XRP to their cumulative balance between July 30 and September 15.
Ripple Whale Wallet Balances. September 2023. Source: SantimentThe 690 million altcoins that Whales just acquired are now worth approximately $345 million. During this period, the XRP price dropped by another 30%, falling from $ 0.70 to $ 0.50. However, whales maintained buying pressure throughout the accumulation period. This points to speculation that XRP’s new “not a security” status is attracting investment from institutional investors such as Blackrock, who interpret the decision as a signal of regulatory clarity.
This momentum is likely to translate into an XRP bull rally
By the way, we know that whales HODL for longer periods of time. If whale inflows continue to come from entities looking to buy the dip, a larger percentage of XRP circulation will come under their control. It is possible for whales to trigger a breakout for the altcoin. This helps XRP maintain higher support levels during the next bull rally.
Ripple Relative Strength Index (RSI). September 2023. Source: TradingViewRelative Strength Index (RSI) data evaluates the strength and momentum of the current price trend. The RSI is cornered in the 40s region from below after a significant price correction. This shows that the XRP price trend has now entered neutral zones. Combined with buying pressure from whales, this momentum is likely to translate into a prolonged XRP bull rally.
Altcoin price prediction: The target XRP must exceed is $0.55!
XRP price rally attempts in late March, June and August 2023 were rejected, especially at $0.55. Therefore, the bulls will once again stop working to capture this resistance zone. Market Value to Realized Value (MVRV) calculates the net financial position of investors who bought XRP for the last 30 days. These data confirm this narrative. The altcoin price is currently at $0.50. These prices suggest that most crypto investors who bought XRP in the past month would lose 1.3% if they sold today.
With the increased buying pressure from the whales we mentioned above, it is possible for XRP investors to gain 20% around $0.60. However, it is also possible that they will decide to close their positions within the 10% profit range. In this case, XRP is likely to face significant resistance in the $0.54 region.
Ripple MVRV data. September 2023. Source Santiment
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