Whales Buy XRP: Confidence of Large Holders Supports Ripple Rally
Date: 2024-11-21 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Large holders, known as whales, have purchased nearly $1 billion worth of XRP in just one week.
Large Investors Are Strengthening Their Positions
Whales have added nearly 900 million XRP to their portfolios over the past seven days, underscoring their confidence in its long-term potential. Their activity helps to maintain the cryptocurrency’s steady growth, protecting it from sudden market fluctuations. The more tokens large players accumulate, the more stable the XRP rally becomes.
At the same time, long-term holders of the cryptocurrency prefer to keep their assets without moving, which also indicates a positive market sentiment. The combination of these factors creates favorable conditions for Ripple to further strengthen.
XRP Price Levels and Prospects
At the time of writing, the token is trading at $1.12, showing a 1% increase in a day, and over the past week and two weeks — by 69% and 109%, respectively. The immediate goal for XRP is to overcome the resistance level at $1.14. In case of a successful breakout, the cryptocurrency can continue to grow up to $1.28 and higher.
However, the risks of correction remain. If XRP fails to hold above the key support at $0.99, a rollback to $0.87 is possible, which will level out some of the recent gains and reduce traders' profits.
The current optimism around XRP is also fueled by news of Bitwise's plans to launch a fund focused on this token. Additional efforts from retail and institutional investors can help strengthen Ripple's position in the market.
