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XRP Coin investors had a good month in July. It is rare for XRP Coin to rise while the entire market is falling. However, August erased the gains from the previous month. September is now scaring investors with its historical performance. However, recent data shows that September may not be as scary as it seems.
XRP Coin Price
On August 29th, the XRP Coin price tested $0.55. Long-term investors thought that if the price drops further, it would be a good opportunity to sell and make a profit. Then we saw the price drop below $0.50. This week, there are some positive signals in both the derivative markets and among whale investors. Long-term investors who sold their holdings may be starting to reenter the game. The perception that XRP Coin is a crypto that can yield long-term gains is supported by its overall theme. This leads buyers to return to the game when convincing bottoms are formed, especially after the summary judgment on July 13th.
XRP price speculators have started pouring new funds into XRP Futures Markets with the expectation of a potential comeback. According to Coinglass data, XRP Open Interest has increased by $8 million in the first trading days of September, following a lackluster August. This suggests that the price may soon start to rise.
Current Analysis of XRP Coin
It can be observed that whale investors holding between 1 million and 10 million XRP have put upward pressure on XRP since the beginning of September. During this period, whales bought approximately 30 million XRP. As shown below, on August 31st, whales held only 3.73 billion XRP in cumulative balances. However, as of September 4th, the total balance reached 3.77 billion.
With the current market value of $0.50, whales made a $15 million purchase. The amount of purchase made by whales is significant in bear market conditions, but there is more. The accumulation of the whale group may lead individual investors to feel the upward trend again.
According to the MVRV data, if investors who bought XRP last month expect a decline in the medium term, the resistance level around $0.52-53 may remain strong. However, if this resistance is easily surpassed and remains on the price, we can understand that short-term investors expect further gains. This could trigger a new rally towards $0.6.
If the whales and open interest data are not misleading, we can expect the price to rise in the coming hours.
