XRP Price Eyes $0.60 Comeback as Whale Accumulation Grows

By admin On Oct 10, 2024

XRP price recently experienced an 18% decline, falling from $0.64 to $0.52. Despite the broader market correction, XRP has managed to hold above this critical support level.

This resilience suggests that a potential bounce could be on the horizon, providing the altcoin an opportunity to recover its lost value and move back toward $0.60.

XRP Whales to the Rescue

Crypto whale addresses have been accumulating XRP aggressively at these lower price levels. Addresses holding between 10 million and 100 million XRP have collectively purchased nearly 300 million XRP, worth over $150 million, in the past three days.

This substantial buying activity by large holders reflects growing confidence in the asset’s recovery potential. Consequently, it could provide the necessary support for XRP’s price rebound.

The influx of whale activity is often a precursor to price movement, as large-scale investors accumulate when they see value. This accumulation suggests that key players in the market expect XRP to recover, and their actions could help push the price higher in the near term.

XRP Whale Accumulation. Source: Santiment

On a macro level, XRP’s Market Value to Realized Value (MVRV) ratio is currently sitting in the opportunity zone. The MVRV ratio measures investor profitability and, at -9.5%, indicates that those who bought XRP in the past month are experiencing losses. However, this range between -9% and -19% is historically seen as a buying opportunity, as investors tend to stop selling and instead accumulate assets at these low prices.

This positioning in the opportunity zone often leads to a reversal in selling pressure, encouraging accumulation, which can drive prices higher. With XRP now in this favorable zone, the macro momentum could turn positive, paving the way for a price rebound.

XRP MVRV Ratio. Source: Santiment

XRP Price Prediction: Breaching Through

The XRP price is currently holding above the 38.2% Fibonacci Retracement line at $0.52. If the altcoin successfully bounces off this support level, it could rally toward the next resistance level at $0.55, signaling a bullish move.

If XRP manages to breach $0.55, the technical indicators point to further gains. The next target would be the 61.8% Fibonacci line at $0.59. Breaching this resistance could bring XRP back to $0.60, solidifying its recovery and reversing the recent downturn.

XRP Price Analysis. Source: TradingView

However, if XRP fails to break through the $0.55 resistance, it could end up consolidating between $0.52 and $0.55. This would invalidate the bullish outlook, potentially prolonging the recovery process and limiting upward momentum in the short term.

Source

0 34

Share FacebookTwitterGoogle+ReddItWhatsAppPinterestEmail