Ripple Whale has accumulated nearly 50 million XRP worth about $26.5 million. XRP has been struggling to break out of key resistance levels, with its 50-day and 200-day moving averages at $0.56 and $0.54, respectively.
Ripple (XRP) has been trading sideways for the past few days, and despite some positive price trends, the token has failed to break through key resistance levels.
However, while whale investors have shown renewed interest and increased their holdings, that hasn’t stopped more XRP from flowing into exchanges.
Ripple whales continue to increase
According to Santiment data, the number of Ripple whale addresses holding between 1 million and 10 million XRP has increased over the past three days. The total number of these addresses increased from 1,606 to 1,614.
During this period, these whales collectively earned nearly 50 million XRP, worth about $26.5 million.
Source: Santiment
This accumulation is noteworthy, especially considering that XRP has remained flat without major price movements. Despite stagnant price trends, whales are betting on the possibility of a breakout and long-term growth.
XRP fails to break through key resistance levels
Analyzing Ripple’s daily price trend, we see that XRP is struggling to break above the 50-day moving average and the 200-day moving average.
The 50-day moving average (yellow line) acts as a long-term resistance level and was around $0.56 at the time of writing, while the 200-day moving average (blue line) was $0.54.
Source: TradingView
Last week, XRP experienced a brief uptrend, but it was not strong enough to push the price above the 200-day moving average. In the latest trading, XRP rose slightly to $0.53.
However, this momentum could not be sustained and the price is still hovering around this level as of this writing.
Additionally, Ripple’s Relative Strength Index (RSI) is hovering at 42, indicating a downtrend that is approaching oversold territory.
Therefore, if prices continue to fall, we could fall further into bearish territory.
More XRP flows into exchanges
Although whale accumulation suggests long-term positive sentiment, overall market movements tell a different story.
Recent data from CryptoQuant shows that the amount of Ripple being transferred to exchanges is increasing, indicating that more traders are selling their holdings.
Analysis of the inflow and outflow charts reveals that forex inflows have been almost double the outflows over the past few days.
While this typically indicates bearish behavior in the market, continued accumulation by whale investors is having an offsetting effect, suggesting that some traders remain optimistic about XRP’s future prospects. I am.
XRP remains trapped below critical resistance and is struggling to break out of its sideways trend at the time of writing.
Realistic or not, the market capitalization of XRP converted to BTC is as follows:
At the same time, whales continue to accumulate large amounts of XRP, and the token faces selling pressure from small traders, increasing inflows to exchanges.
As XRP’s RSI approaches oversold territory, it will be important to monitor whether whale accumulation could change market sentiment and fuel a breakout.
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