- Ripple whales bought over 50 million XRP tokens within a 24-hour time frame between August 26 and 27.
- Previously, Ripple whales had shed their holdings in seven days, increasing selling pressure on the asset.
- XRP hovers around $0.60 at the time of writing, rallies 1.12% on Tuesday.
Ripple (XRP) lost key support at $0.65 early in August. Since then the altcoin is trading sideways. Key market movers like whale accumulation, XRP supply distribution and on-chain activity are likely influencing the altcoin’s price.
XRP extends gains by 1.12% on the day, hovering close to support at $0.60.
Daily digest market movers: Ripple whales begin accumulating XRP again
- Ripple whales distributed nearly 140 million XRP tokens between August 19 and 26. The large wallet investors have started accumulating the altcoin again. Whales collected over 50 million XRP within a 24-hour time frame between August 26 and 27, per Santiment data.
- Ripple slips under $0.60 whales dump 140 million XRP tokens in seven days
XRP whales accumulate the altcoin
- Typically, accumulation by whales is considered bullish for the asset. When whales distribute their supply and engage in profit-taking, it increases selling pressure on the asset, like the events of August 19 and 26.
- XRP whales are likely gearing up for an increase in the altcoin’s price.
- Social dominance, a metric that helps ascertain the cryptocurrency’s dominance in conversations on social media platforms, rose to 2% on August 27.
- XRP’s social dominance is at its highest level in two weeks, per Santiment data. This is indicative of higher mindshare among traders and crypto market participants.
 [20.43.42, 27 Aug, 2024]-638603716363760320.png)
XRP social dominance
Technical analysis: XRP eyes return to $0.65
XRP Ledger’s native token is in a multi-month downward trend as seen in the XRP/USDT daily chart. The altcoin slipped under $0.65, a key level, on August 3. Since then Ripple’s token failed to make a comeback.
XRP could return to $0.6439, an important resistance level, tested a few times in the past two weeks. This represents nearly 8% gains from the current level.
Ripple could rally toward $0.6602, the 50% Fibonacci retracement of the drop from the July 2023 top of $0.9380 to the July 2024 low of $0.3823. The Relative Strength Index (RSI) is above 50 on the daily timeframe, which moderately supports a bullish thesis for Ripple.
XRP/USDT daily chart
The altcoin could find support in the imbalance zone between $0.5188 and $0.5785, if there is a correction in XRP. Further decline could push the altcoin closer to testing the August lows of $0.4319.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum suffers declining investor interest following historical August market lull
Ethereum is down nearly 3% on Monday following a decrease in key metrics, including institutional interest, trading volume and transaction count. The decline is also evident in ETH's price, which has failed to overcome a key price resistance.
SUI, Worldcoin lead tokens with highest yearly supply increase
Token Unlocks data on Monday revealed that several tokens have witnessed high increases in their supply in the past month and over the last year. The statistics also show the number of days to a 25% supply for each of these tokens, with ZETA and TIA at the top of the list.
AI tokens post huge weekly gains in anticipation of Nvidia's Q2 earnings
Several AI tokens lead the crypto market with heavy gains following a 60% rise in FET. Nvidia's earnings are considered an indicator of the global health of the Artificial Intelligence sector. Analysts expect a Q2 revenue of $28.7 billion and earnings per share of $0.65.
Crypto ETFs record $533 million of net inflows as possibility of rate cut boosts investor confidence
Crypto ETFs recorded the highest inflows in five weeks after Jerome Powell hinted at the possibility of the Federal Reserve’s cutting interest rates in September during his speech at the Jackson Hole Symposium. Meanwhile, the altcoin investment market witnessed little or no inflows.
Bitcoin: Can BTC break above $62,000 barrier?
Bitcoin (BTC) trades above $60,000 on Friday, gaining more than 4% this week so far, but fluctuating within a range between $57,000 and $62,000 for the last 15 days. On-chain data shows contradicting signs, with institutions accumulating Bitcoin while some whales are selling.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.