Key Insights
- •XRP price maintained support at $2.4 despite slight losses today.
- •Ripple whales have recently acquired 30 million XRP coins.
- •Analysts suggest XRP can reclaim the $3 support if buying pressure sustains.
XRP Price Action Amid Market Volatility
XRP price has experienced marginal losses on the daily chart as the broader cryptocurrency market remained near the flatline. While Bitcoin (BTC) price stayed on the positive side, most top altcoins have witnessed slight declines, indicating a cautious stance among traders.
The sentiment of "Uptober" appears to have faded, particularly amid ongoing US-China trade war tensions. The broader digital assets space has navigated a highly volatile path this month, erasing many of the robust gains recorded at the beginning of October.
Ripple's XRP was not an exception, as evidenced by its sharp decline from the $3.10 level to as low as $1.5. This crash has also unsettled market participants, with whales, or large investors, adopting a wait-and-see approach.
However, on-chain data suggests that Ripple whales are regaining confidence in XRP's price recovery. Concurrently, market experts have highlighted key levels to watch that could determine the asset's future trajectory.
Ripple Whales Show Renewed Bullishness on XRP Price Recovery
Ripple coin price has seen a decline of approximately 0.6% today, holding near the $2.4 support level. Despite this, its one-day trading volume has surged by 9% to $5.06 billion, indicating increased trading activity that could potentially drive an XRP price surge.
Technical indicators also hint at a potential upward movement. The Relative Strength Index (RSI) for XRP is currently at 41, suggesting room for the asset to move higher.
However, data from CoinGlass indicates that XRP Futures Open Interest has fallen by over 2% to $3.78 billion. This suggests that investors are proceeding with caution amidst the current market volatility.
The cryptocurrency reached a 24-hour high of $2.53. The recent breach of the $2.5 mark may be attributed to renewed interest from large investors, commonly referred to as whales.
According to market expert Ali Martinez, Ripple whales have recently acquired 30 million XRP coins. If these whales continue to exert buying pressure, it could significantly boost XRP's price in the near future.
Analyst Outlook on XRP's Future Trajectory
The recent whale activity initially contributed to a surge in XRP price, but the momentum proved to be short-lived. Nevertheless, market pundits remain optimistic about the long-term prospects of the asset.
Analyst EGRAG CRYPTO has noted that if XRP can convert the resistance zone between $2.65 and $2.7 into support, it could trigger a substantial rally in the asset's value.
In a separate analysis, EGRAG CRYPTO highlights $2.4 as a crucial support level for XRP. According to this analysis, if XRP price can maintain this support, the next significant target is projected at $3.22.
Similarly, analyst CRYPTOWZRD pointed out that XRP faces major resistance at $2.75. A successful breach of this level, CRYPTOWZRD suggests, could ignite a significant rally for the cryptocurrency towards $3.15.
However, recent price movements indicate that XRP has struggled to maintain levels above the $2.5 support in recent days. If the current volatile market conditions persist, the anticipated rally in XRP price could be delayed.
Investors are advised to exercise caution when making investment decisions amidst the prevailing market uncertainties. While renewed interest from Ripple whales continues to bolster sentiment, any significant geopolitical or macroeconomic news could trigger another sell-off across the broader market.