Ripple whales have been on the move while the XRP price action continues to suffer, but can whale activity generate substantial gains?
The global crypto market cap has moved above the $1 trillion mark as the Bitcoin price and Ethereum price gave in to bullish momentum. As for the XRP price, however, it’s still stuck in the same range-bound trajectory as it has been for over 10 days now.
The XRP price continues to trade below the key resistance level at the $0.47 mark. Despite the occasional uptick in Ripple social volumes, there has been no major uptick in price even as the Ripple vs. SEC case approaches an end.
Ripple Whales Wake Up
XRP price traded at $0.459 at the time of writing, declining by 0.9% on the daily chart. From a technical perspective, XRP was still struggling to cope with the lack of volatility on its charts.
Still, Ripple whales seem to be on the move. Data from Whale Alert highlighted that on Oct. 29, 40,614,705 XRP worth $19.29 million was transferred from Bitstamp to an unknown wallet.
Another 30,000,000 XRP worth $14.25 million was transferred from an unknown wallet to Bitstamp around the same time. Even though Ripple whales made efforts to make a move, the XRP price was still stuck in the same price range.
Generally, whales accumulate during periods of low volatility when an asset is available at a discount and when they expect prices to go up significantly in the near future.
Ripple whales holding 1 million to 10 million XRP increased their holdings in just a few days. This cohort had significantly jumped their holdings since May.
So, could XRP whales be preparing for a win in the Ripple vs. SEC case?
XRP Price Prediction: Still Range-Bound?
Analytics firm Santiment showed that around 11 billion XRP were moved according to the Age Consumed metric. Spikes in this indicator showed a large number of tokens moving after being idle for an extended period of time.
While Age Consumed brought in some short-term price changes, the XRP price saw no turnarounds.
Ripple MVRV 90-day also had been in a downward trend showing that XRP price was undervalued even in the long-term.
Looking at XRP price daily chart, it was evident that Ripple moved in a range-bound momentum between the $0.47 and $0.452 marks. Retail volumes were missing in action, while RSI presented that sellers dominated the market.
If Ripple bears stay in control of XRP price action, the coin can see a retest of the lower $0.44 price level.
In case of a bullish breakout, if Ripple news improves and the bearish thesis gets invalidated, the next key resistance for the XRP price would be at $0.50 then $0.60.
Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
