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Is XRP heading to $2.35 again after whales bought the dip?
Ripple’s whales have just made a massive purchase of 110 million tokens worth $242 million, sparking hopes that XRP could be heading back up to $2.35 once more.
The recent market downturn has led to a buying opportunity among investors, especially whales, who are known for their significant influence on the market dynamics. Over the past 24 hours, XRP has experienced a decline of 2.82%, hitting a low of $2.15.
As reported by Ali Martinez, Ripple’s whales have taken advantage of this dip to accumulate more tokens. This development could be an indication that investors are optimistic about the cryptocurrency’s prospects and see the current prices as attractive for entry.
The buying activity seen in the market is evident in the Taker buy-sell ratio, which has reversed from a sustained decline of 0.91 to 0.93. This implies that buyers have entered the market following a rise in selling pressure over the previous days.
Typically, increased buying pressure, especially among large holders like whales, can positively impact asset prices. However, XRP’s recent dip and decline in weekly charts might put a dampener on this theory. The altcoin has seen a 2.72% decline in its value over the past week, which could indicate that sellers are still in control.
Despite this bearish sentiment, there is an indication of panic selling as exchange supply ratio surged to 0.029, suggesting increased inflow into exchanges. This implies that holders are either selling or preparing to sell their tokens. Furthermore, the decline in active addresses from 59,561 to 44,100 suggests that market participation has significantly decreased.
As a result, it’s uncertain whether XRP will be able to regain $2.35 anytime soon. The bearish momentum is currently strong, and this could lead to further declines in the short term. On the other hand, if whales continue their buying spree, we might see XRP challenge its previous resistance level.
It remains to be seen what direction the market will take from here.
Source: ambcrypto.com
