XRP is trying to recover from recent volatility, and this price has steadily risen over the past few days.
Whales are taking advantage of this recovery, but there remains uncertainty about whether new investors will re-enter the market. This ongoing price action could prove fruitful for large owners, but the broader sentiment is still in fluidity.
Rescue to XRP whales
Last week, XRP whales have accumulated heavily, showing strong confidence in the future recovery of their tokens. Addresses holding 10 million to 100 million XRPs have added over 420 million XRPs, with a total of over $915 million purchases.
This surge in whale activity suggests that despite recent volatility, large investors view current prices as a purchase opportunity. The confidence of these whales demonstrates their belief that XRP will ultimately recover, and they position themselves for potential benefits.
The overall market sentiment for XRP is mixed, especially with regard to new addresses. Last week, new XRP addresses fell sharply, dropping to two months’ lows. This trend suggests that XRP is losing traction among new users, perhaps due to lack of sustainable growth and uncertain market conditions.
Despite whale activity, the decline in new addresses raises questions about XRP’s ability to maintain broad appeal in the short term. The lack of new investments in the form of new addresses suggests that broader market sentiment is cautious.
There is a possibility that XRP price increases
XRP prices have risen 8.4% in the last 48 hours and are currently trading at $2.18. Given the strong support of whales, this momentum could last in the short term. As whales continue to accumulate and market sentiment turns positive, XRP could continue to rise at $2.23 as the next major resistance level.
If XRP violates a $2.23 resistance, if $2.27 is successfully supported, you can push it up to $2.32. A sustained rise above $2.27 is a positive sign of a further upward movement, possibly indicating a continuing bullish trend. If whales support their assets, XRP could break through these barriers.
On the other hand, if the broader market situation shifts to bearish sentiment or investor skepticism leads to more sales, XRP could fall below support at $2.13. The drop to $2.02 negates the current bullish outlook, indicating a potential reversal of emotions and short-term losses.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
