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Is XRP heading to $2.35 again after whales bought the dip?
Ripple’s [XRP] has experienced a sharp decline over the past 24 hours, with its value dropping by 2.82%. The recent market downturn has led many investors to panic sell, causing the altcoin’s price to hit a low of $2.15. Despite this, Ripple whales have taken advantage of the dip and bought 110 million XRP tokens worth $242 million.
This significant buying activity among large holders suggests that they are optimistic about the cryptocurrency’s prospects. The sudden surge in the Taker buy-sell ratio, which has reversed from a sustained decline to 0.93, further supports this theory. This shift indicates that investors are now more inclined to buy XRP at its current price point.
However, it is essential to consider the broader market trend and sentiment before predicting the future of XRP’s price charts. The recent dip appears to have caused widespread panic selling, as evidenced by a surge in exchange supply ratio to 0.029, indicating that investors are either selling or preparing to sell. Additionally, active addresses have decreased from 59,561 to 44.1k, which may lead to XRP being overvalued, potentially resulting in a decline.
Given this information, it appears that the short-term outlook for XRP’s price might be influenced by bears, potentially causing the altcoin’s value to drop further, potentially reaching $2.20. Nevertheless, if the bullish momentum gains strength and buying pressure increases, it is not out of the question to see XRP reclaim its previous high at $2.35.
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Source: ambcrypto.com
