Ripple Labs-supported altcoin XRP is once again drawing attention in the cryptocurrency market. On-chain data revealed the presence of a whale who accumulated 30 million coins in the last 24 hours, increasing speculation about the altcoin’s future price movements.
Whale Buys $12.7 Million Worth of XRP
Optimism about XRP’s potential to reach the $0.50 level has captured market interest amid these whale activities. The RDA…Pxr wallet address transferred approximately 29.7 million XRP coins worth $12.7 million from Binance to an anonymous wallet (rfQ…Cvi). This large-scale accumulation move and the price increase have renewed interest in the Ripple Labs-supported altcoin. Currently, the wallet address holds a total of 31.59 million XRP coins.
XRP experienced a turbulent period at the beginning of July, with its price dropping to its lowest level since March 2023. On July 5, during a market-wide crash, the altcoin’s price fell by 12% to approximately $0.38. After this drop, bulls managed to recover some losses. Analysts believe that if the bull trend continues, XRP could rally towards the resistance level at $0.45 and then target the $0.50 level.
However, if selling pressure increases again, the altcoin‘s price could test the support level at $0.407 and potentially fall to $0.369. Such price movements necessitate cautious optimism among XRP investors.
Prominent XRP Advocate Announces Additional XRP Purchase
Bill Morgan, a prominent figure in the XRP community, stated that he saw the recent drop as a buying opportunity and purchased some XRP at just over $0.40. Morgan hinted that he plans to buy more coins if the price drops to $0.375.
From a technical analysis perspective, XRP’s daily Relative Strength Index (RSI) at 58.8 has entered the overbought zone, indicating potential bullish momentum. According to recent data, XRP is trading at $0.4336, having risen by 7.79% in the last 24 hours, while it has fallen by 8.72% in the last 7 days. XRP’s circulating supply is 56 billion, and its market cap stands at $24.1 billion. The $1.1 billion trading volume recorded in the last 24 hours also reflects active interest in XRP trading.
