Altcoins
Ripple Whales Buy 300 Million XRP in Two Days, Altcoin Holds Steady Above Key Support
- Over the past two days, Ripple whales holding between 10 and 100 million XRP tokens have been accumulating the altcoin.
- According to data from Santiment, between July 12 and July 15, XRP whales added 300 million tokens.
- XRP extended gains by nearly 3% on Monday, trading above $0.5300.
Ripple (XRP) recorded its highest weekly gains of 2024 over the weekend, as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC case against Ripple. XRP peaked at $0.5661 on Saturday, July 13.
The altcoin increased its gains by almost 3% on Monday and is trading at $0.5333 at the time of writing.
Market Engines Daily Recap: Ripple Whales Buy 300 Million XRP In Two Days
- Data from on-chain intelligence tracker Santiment shows that large Ripple investors added 300 million XRP to their investments between July 12 and July 15.
- Whales’ accumulation of altcoins is usually considered bullish for an asset, thus supporting the thesis of further gains in XRP.
- While the group of investors with large wallets holding between 10 and 100 million tokens added 300 million XRP, another group holding between 100,000 and 1 million XRP accumulated 10 million tokens in the same amount of time.
XRP Supply Distribution
Technical Analysis: XRP Could Extend Gains by 13%
On Monday, July 15, XRP is trading around $0.5330. The native token of the XRP Ledger erased losses from May 26 and is holding above the key psychological support at $0.50.
The momentum indicator, the Moving Average Convergence Divergence (MACD), supports the Recent Earnings and flashing green histogram bars above the neutral line. This is a sign that the underlying momentum in the XRP price trend is positive.
XRP could extend gains by another 13% and rise to $0.6058, 61.8% Fibonacci retracement of the decline from the March 11 high of $0.7440 and the July 5 low of $0.3823.
XRP/USDT Daily Chart
A daily newspaper candlestick a close below $0.5205 could invalidate the bullish thesis. XRP could then find support at the July 12 high of $0.4870, the lower boundary of a Fair Value Gap (FVG) on the chart above.