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XRP whales are making bold moves and have accumulated over 50 million XRP tokens in a single day.
According to crypto analyst Ali Martinez, XRP whales have looted over 50 million XRP in the last 24 hours, increasing their holdings by around $29.5 million.
The increase in whale activity signals an optimistic sentiment in the XRP community, with the acquisition of such a large amount of XRP in a short period of time being notable.
The market is currently witnessing profit-taking, with several cryptocurrencies trading lower. XRP fell 1.5% to $0.587 in the last 24 hours.
Several factors could be fueling the bullish sentiment among XRP whales. Broader market trends, such as expectations of Fed rate cuts, could prompt investors to seek riskier assets, including cryptocurrencies.
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This positive sentiment was reflected last week, when digital asset products saw inflows totaling $533 million, the highest in five weeks. This increase followed Jerome Powell’s remarks at the Jackson Hole Symposium, where he speculated that the first rate cut could come in September. The majority of the inflows occurred on Friday following Jerome Powell’s dovish comments. XRP also saw inflows, receiving $0.3 million.
XRP Price Action
XRP fell from highs of $0.631 on August 24, suggesting that bears are defending the level vigorously. After two days of losses, XRP showed signs of recovery, although it continues to trade lower on a daily basis.
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The first support to watch on the downside is at $0.58, followed by the 50-day SMA at $0.56. If XRP continues to bounce from the current levels, it will suggest that bulls are buying on minor dips. Next, bulls will once again try to clear the overhead hurdle at $0.64. If they succeed, XRP could reach $0.74.
This optimistic prediction will be discredited in the short term if the XRP price falls below $0.54, keeping the price in the range of $0.41-$0.64 for a few more days.
