Will This Crucial Support Finally Halt XRP’s Freefall as Ripple Whales Return?

TL;DR

• Ripple’s native token has been in an apparent downward spiral, losing over 20% of its value since its all-time high marked in mid-July.
• The asset has approached a crucial support that could determine its next market moves. At the same time, whales’ most recent behavior hints at recovery.

XRP’s Price Future

XRP, alongside the rest of the crypto market, has not enjoyed the past 10 days or so. The asset stood above $3 and even $3.1 until last Sunday when the broader market’s crash pushed it south to $2.82 within just over a day.

Its recovery attempt drove it to $3.08 on Wednesday, but the bears quickly reemerged and didn’t allow another leg up. In fact, there were warnings about an upcoming retracement to $2.83, which materialized on Friday. Moreover, XRP dived further in a drop to $2.76 earlier today, which became its lowest price level since August 3.

The $2.76 price line has a particular significance in determining XRP’s future. Ali Martinez, who predicted the correction to $2.83, believes this is a crucial support level that needs to hold for the asset to remain in a bull market structure.

CRYPTOWZRD also touched upon XRP’s price moves, saying that the asset closed indecisively on the daily and is testing the same key support. The analyst noted that XRP needs to move beyond $2.94 and hold there, which would “trigger a long.”

Ripple Whales Are Back

These large market participants rode the XRP wave in July when the asset peaked at $3.65 with massive accumulations ahead of that rally. However, they changed strategy in the following weeks by offloading 470,000,000 tokens in just ten days, as reported on August 20.

Further on-chain data sound the alarm that Ripple whales had been quietly exiting the XRP market for a while, which is generally regarded as a bearish sign. However, more recent data shared by Martinez showcases another 180-degree turn by these big investors.

In the span of the previous two weeks, they have accumulated 340,000,000 XRP tokens, valued at over $950 million at today’s prices. This is a positive sign for XRP’s future price trajectory as whales typically buy during price dips and before massive rallies.

The post Will This Crucial Support Finally Halt XRP’s Freefall as Ripple Whales Return? appeared first on CryptoPotato.