Data from prominent crypto-analyst Ali Martinez shows that Ripple whales have purchased more than 380,000,000 XRP tokens in the past ten days. This is worth approximately $228 million. This purchase coincides with a market revival, as Bitcoin (BTC), which has reclaimed the $63,000 level today.
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Bitcoin Performance and the Market’s Recession
XRP has also seen a trend reversal. It is up 1% on the charts for the day, 4,1% on the charts for the week, and 8,7% on the charts of the last 14 days. XRP’s monthly chart continues to be red, with a drop of 1.2% over the past 30 days.
How Will XRP perform after The Whale purchase?
Expected Price Increase
The ripple whales could be anticipating an increase in prices that would lead to increased purchases. Federal Reserve cut rates 50 basis points. A rate reduction usually leads to more risky investment and this could be what led the crypto market to rally.
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Price Predictions
CoinCodex estimates that Ripple’s XRP coin could hit $0.789 in 2024. To reach $0.789 at current prices will result in a 33.73% increase. Analysts at CoinCodex do not expect the price of this asset to remain stable, and predict a subsequent correction.
The researchers at Changelly also gave a similar view of XRP. Platform predicts that XRP will surge up to $0.783664 by Sept. 23 2024. Changelly, like CoinCodex also anticipates a correction for the asset after it reaches $0.78.
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Resistant Levels
Ripple’s XRP is facing significant resistance around the $0.59 mark. The asset could continue to rise after it has surpassed this threshold. A continued rise in the price of the asset may be attributed to an interest rate reduction. XRP could, however, not reach the predicted resistance level.
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Source: watcher.guru
