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XRP has shown remarkable resilience recently, maintaining its position above a key support level, although significant price movements are yet to emerge. Important data from Sentiment reveals that whales are piling up XRP, having bought over $228 million in the past few days.
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This aggressive rally suggests growing confidence among major holders as the market rallies to higher prices. Analysts and investors are closely watching XRP, waiting for a breakout from key supply levels that could trigger a rally to the upside.
With growing sentiment, the next few days will be crucial in determining XRP’s price direction and its role in the ongoing market cycle. Will this whale activity lead to a big move higher, or can XRP stay in its current range? Only time will tell, but expectations are high as momentum builds in the broader crypto market.
XRP Investors Await Big Move
The crypto market has seen a significant increase, with Bitcoin and many altcoins posting two percent gains in recent days. The Federal Reserve’s decision to cut interest rates by 50 basis points caused this rally, increasing optimism among investors who are now looking at the possible start of the crypto bull run. Although XRP investor sentiment has turned positive, the market has yet to reflect this on the token’s valuation.
Top analysts and market participants are sharing insights that suggest XRP may be poised for a strong performance this cycle. Another famous tech and on-chain analyst, Ali, highlighted compelling data from Sentiment, showing that XRP whales are making a big move.
Over the past 10 days, these major holders have bought over 380 million XRP, worth an estimated $228 million. This marks the highest level of whale rally since early August, a bullish signal for XRP. The accumulation of XRP by whales—often considered “smart money”—is a sign of strength and confidence in the future price action of the token.
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As the broader market continues to rise, investors are hoping that this rally could be the first indication of a major XRP rally in the coming days. With increasing momentum, many stop at the next big place.
View Price Levels
XRP is currently trading at $0.59 after several days of choppy price action, testing the level of supply in this range. Although XRP remains above the 200 daily moving average (MA) at $0.549-a sign of long-term strength-it is difficult to close above the 0.60 mark since late August.
For the bulls to initiate a move to local highs, the price must retest the $0.60 level and hold above it. Doing so would set the stage for a challenge at the key $0.65 level.
The $0.65 price point has served as an important resistance level, which has not been broken since early March. It is also considered as a psychological barrier, if it is broken, it can take the price to higher levels quickly. Investors and analysts are watching this level closely, as breaking it could bring renewed momentum.
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However, if the price fails to close above the current price level in the coming days, a pullback to the daily 200 MA at around $0.55 is expected. This would mark an important test of support, and any breach below this level could indicate further downside risk for the token.
Featured image from Dall-E, chart from TradingView