Ripple (XRP) price last weekend reclaimed its position above the $0.5 support following the Bitcoin halving. This rise reflects increased investor confidence after weeks characterized by uncertainty amidst geopolitical tensions, though XRP price struggled to maintain momentum.
XRP in the Santiment Report
Since the mentioned period, the market has been stagnant, and the token has not been able to rise above the $0.5622 resistance. Furthermore, downward support seems to be established at $0.54, facilitating sideways transactions.
The popular altcoin has passed through support levels from a monthly high of $0.6422 and a March peak of $0.7484 down to $0.4294. Known for their large purchases, whales perceived the price drop as an opportunity. According to blockchain data from Santiment, this investor group is busy accumulating millions of XRP, which could indicate a long-term bullish outlook for the project.
Expert Commentary on Ripple
The cryptocurrency market’s recognized analyst Ali Charts highlighted the activities of whales who have bought at least 31 million XRP last week. This situation could mean an 11.27% increase in supply distributions across 249 addresses. The report also detected that whales bought up to 600 million XRP in the last two weeks. The active accumulation by major whale addresses underscores investor confidence in XRP despite the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC).
The ratio of the 30 and 180-day market value to realized value (MVRV) confirms that XRP is still in a buying zone, attracting investors following the 2024 bull market. However, four-hour chart data based on the Moving Average Convergence Divergence (MACD) might underline a bearish trend. If whales continue to rally behind XRP in the coming weeks, the token could gain enough momentum to close the gap to $1. Additionally, the bullish price movement tends to create FOMO, potentially increasing the breakout speed.
