Whales Accumulate XRP Coin Despite Market Weakness
The price of Bitcoin has dropped to $58,500. The significant weakness over the past few weeks that has been devastating for altcoins has resulted in a decline to significant lows. So, will we see further declines in the price of XRP Coin?
Whales Accumulate XRP Coin . 2024-06-30
We have reached June 30, and June passed extremely quickly. Although it hosted many major developments, things did not go well in crypto. Bitcoin price saw a drop to $58,500. The significant weakness over the past few weeks, which has been devastating for altcoins, led to a decline to important low levels. So, will we see a bigger drop in XRP Coin price?
Ripple (XRP) Whales
XRP Coin has been disappointing its investors for years, and we have already shared very comprehensive evaluations regarding its future based on its long-term past. As of today, the $0.47 level is being maintained. Moreover, while individual investors are worried about the risk of experiencing greater losses, XRP Coin whales continue to accumulate.
Addresses holding between 1 million and 10 million XRP Coins accumulated 100 million coins in just the last 24 hours. This accumulation, worth $47 million in cash, was quite remarkable in the ongoing risk environment, while XRP Coin has been continuing its weakness for a long time.
The downward trend among individual investors continues despite whale interest. Participation in the blockchain for XRP Coin is weak, and on-chain signals are discouraging.
Will XRP Coin Drop?
It is understandable that investors avoid transacting on the network due to the lack of profit. DAA divergence is giving a sell signal, and the price continues the day with a 0.49% drop. The price, lingering just below the support level at $0.473, could avoid the risk of overselling if it sees more whale support.
What will happen if the support l
evel is lost and there are closures below it? In this case, the next key support point will be $0.46. It is possible to determine overselling dips further below at $0.41 to $0.38. For the opposite scenario, $0.516 needs to be reclaimed. If the bulls win this threshold, things could reverse, and the price could enter a new upward phase up to $0.74.
There is nothing new regarding the lawsuit, and the SEC’s potential to back down remains weak as it officially started the war on the Ethereum front this week.
