XRP Increase By Nearly 29%: Whales Are Actively Accumulating Crypto Assets
XRP has finally escaped the trap of a protracted downtrend and showed that its cartridges are still full. In anticipation of the bullish growth, the whales hurriedly and began to buy XRP. Or maybe the bears took a break and the current XRP growth is a short-term phenomenon?
XRP escaped the bears’ clutches
XRP (Ripple) has been heavily influenced by bears over the past three months, while other altcoins have shown explosive gains. The protracted decline in the XRP price was due to the technical weakness of the crypto asset and the lack of trading activity on crypto exchanges.
XRP is finally back in the green and has risen 29% over the past two weeks. At the time of writing, XRP is trading at $0.25. Notably, XRP was able to break the $0.20 resistance level, which acts as the 100-day moving average. Crypto analysts are convinced that reaching this price range could be the starting point for further XRP growth.
Bulls could keep the lead and push the XRP price forward as the whales activate. Large participants in the cryptocurrency market have been actively buying XRP in the past two weeks to further play on the increase in the value of the cryptocurrency. This model of whale behavior has repeatedly acted as a catalyst for the growth of the price of the cryptocurrency.
Whales expect bullish XRP increase
Since July 18, the number of new whales that have bought XRP has grown by 3.7%, according to Santiment. About 30 new crypto-addresses appeared on the network, which received XRP tokens. It gives rise to speculation that whales continue to believe in XRP and accumulate a crypto asset ahead of its rally.
Whales on the balance of their crypto wallets have capital in XRP, which estimates at between $240,000 and $2.4 million. Further growth in the trading activity of large investors may play in favor of XRP and become a driver for a price jump. If XRP follows a bullish scenario, cryptanalysts are confident that XRP could catch up with the rest of the altcoins in terms of market cap.
Bears don’t give up
Technical specialists have voiced doubts about the possibility of the continuation of the bullish movement of the XRP price in the coming days. On the technical 3-day chart of the cryptocurrency, a bearish candlestick pattern has formed, which signals a possible price pullback.
Crypto analysts convince that this pullback in XRP price will be a short-term action before the price soars up. XRP may go back to test the nearest support level once again and gain a foothold in this price region.