{"id":1520,"date":"2024-08-28T03:55:46","date_gmt":"2024-08-28T03:55:46","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1520"},"modified":"2024-08-28T03:55:46","modified_gmt":"2024-08-28T03:55:46","slug":"ripple-whales-on-the-move-is-xrp-price-rally-on-the-horizon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1520","title":{"rendered":"Ripple Whales on the Move: Is XRP Price Rally on the Horizon?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple whales have been quite active lately, purchasing XRP worth millions of dollars in a matter of a single day.<\/span>
\nOne analyst thinks the asset could be on the verge of a rally due to the emergence of a historic price pattern signal.<\/p>\n

<\/a><\/span><\/h2>\n

Turning the Accumulation Mode on<\/h2>\n

The popular<\/span> X user Ali Martinez recently shared a Santiment chart<\/span>\u00a0<\/span>showing<\/span><\/a> that Ripple whales have bought more than 50 million XRP tokens in the last 24 hours.<\/span> The stash equals almost $30 million (calculated at current rates).<\/span><\/p>\n

Whales purchasing large quantities of XRP could have <\/span>certain<\/span> positive implications for the asset\u2019s value. Continuous efforts in that field will leave fewer tokens available on the market, which could be followed by a price uptick (assuming demand stays the same or rises).\u00a0<\/span><\/p>\n

Rising whale accumulation could also be interpreted as a sign of confidence and attract additional investors within the ecosystem. <\/span><\/p>\n

As observed on the chart, whales were on a buying spree during the second half of July, with XRP\u2019s price jumping to<\/span> a nearly five-month high of over $0.65 at the time.<\/span><\/p>\n

Large investors were reluctant to increase their holdings at the start of August when the crypto market experienced a <\/span>serious<\/span> crash, and XRP\u2019s price collapsed<\/a> below $0.45. <\/span><\/p>\n

However, they turned the accumulation mode back on following the <\/span>major<\/span> development surrounding the legal case between Ripple and the US SEC. <\/span><\/p>\n

As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a> on August 7, Judge Analisa ruled that the company must pay a $125 million fine for violating <\/span>certain<\/span> securities laws. <\/span>While the sum may sound substantial, it represents a 94% reduction of the $2 billion <\/span>that the regulator initially sought.<\/span><\/p>\n

Many viewed the decision as a <\/span>major<\/span> win for Ripple, while XRP\u2019s price briefly surged to <\/span>as high as<\/span> $0.64. In the following weeks, the token experienced additional volatility before settling at <\/span>its current level of<\/span> around $0.58 (per CoinGecko\u2019s data).<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

XRP Ready for a \u2018Big Move?\u2019<\/span><\/h2>\n

Despite the asset\u2019s wobbly performance as of late, some analysts believe a bull run could be just around the corner. <\/span>The X user JD is one of those, <\/span>noting<\/span><\/a> that the Bollinger Bands have <\/span>squeezed significantly<\/span>.<\/span>\u00a0<\/span><\/p>\n

\u201cWhen BB gets thinner, it means a BIG move is coming! BB got thinner last two cycles that led to a 10x-650x in a year,\u201d the analyst stated.<\/p>\n

The technical analysis tool, introduced by John Bollinger in the early 1980s, measures potential price movements and market volatility. When the indicator\u2019s bands<\/span> are tight, it hints that the asset has experienced low volatility for an extended period and could be set for a wild move in either direction.<\/span><\/p>\n

Another analyst predicting a rally for XRP is DustyBC. Last week, he <\/span>presented<\/span><\/a> a <\/span>rather<\/span> simple chart showing the asset rising above $2 if breaking to the upside from a flag pattern formed in the past three years. Earlier today (August 27), he <\/span>doubled down<\/span><\/a> on the forecast, saying he\u2019s waiting for \u201cthe ultimate XRP breakout.\u201d<\/span><\/p>\n

The post Ripple Whales on the Move: Is XRP Price Rally on the Horizon?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple whales have been quite active lately, purchasing XRP worth millions of dollars in a matter of a single day. One analyst thinks the asset could be on the verge of a rally due to the emergence of a historic price pattern signal. Turning the Accumulation Mode on The popular X user Ali Martinez […]<\/p>\n","protected":false},"author":0,"featured_media":1521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1520"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1520"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1521"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}