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Whales bought Ripple worth 750 million dollars: What do we expect from the price of XRP
XRP is stable in trading around $3, with slight changes over the past 24 hours and a 3% increase over the week. Over the past three months, Ripple's currency has increased by 35.4%, indicating a long-term upward trend.
The whale added 750 million dollars in XRP
One clear signal is the activity of whales in the Ripple cryptocurrency market. Since mid-August, investors holding between 10 million and 100 million XRP have purchased around 250 million additional coins.
At a price of $3, this represents about $750 million in new accumulations. Whales typically buy in large quantities when they expect prices to rise. Their steady purchases, even when XRP's price was stable, demonstrate confidence in the potential increase.
XRP balance on exchanges has dropped to its lowest annual level.
The activities of large whales in XRP coincide with a decrease in the coin's reserves on exchanges. Over the past three weeks, reserves have dropped from 3.77 billion to 3.27 billion XRP, representing a decrease of 13.3%.
This is the lowest level of the year. A low amount of XRP on exchanges often means less selling pressure, as traders move coins to wallets for holding, not for selling.
In the past, similar declines were accompanied by increases. For example, between May and June, the sharp decline in reserves coincided with the price rising from $2.10 to $2.32 over a few days. The chart shows that the minimum balances on exchanges often preceded the price increase of XRP.
Therefore, the current decline in XRP balances on exchanges may become a catalyst for a breakout.
The price dynamics of XRP and breakout levels.
XRP has been trading within a defined range for several weeks, attempting to break out of it. The first important mark is $3.01, which represents strong resistance. Interestingly, this level has pushed the price of XRP down again.
A real jump will occur at the $3.33 level, where prices often face resistance. If it closes above this level today, the path will be open to reach the all-time high of $3.65.
The bullish scenario is canceled if the price drops below 2.72 $. In this case, XRP could reach new local lows.