Large quantities of XRP held in whale wallets have exceeded 300,000. Is a potential price surge forthcoming?
XRP is showing signs of quiet accumulation as whale activity surges, but the price remains stuck in a range. A recent analysis by crypto expert, Kyledoops, revealed that over 300,000 wallets now hold 10,000 XRP or more, suggesting big players may be positioning for significant XRP developments.
Analyst Max Avery, on the other hand, believes XRP's sideways trading reflects price controls driven by institutional accumulation through buying strategies like time-weighted average price and volume-weighted average price. This calculated buying could be an indication of preparations for a potential spot XRP exchange-traded fund (ETF).
Meanwhile, the market waits for the SEC's decision on pending ETF filings from Franklin Templeton and Bitwise. The impact of ETF approval on XRP's price could be gradual, according to Avery.
Despite the bullish sentiment from whale accumulation, XRP continues to trade beneath its short- and mid-term moving averages, signaling a lack of strong upward momentum. The RSI is currently neutral, with sellers still active. A break above the 10-day and 20-day EMAs might lead to a move toward the $2.30-$2.40 range, but a loss of the $2.05 support level could have the opposite effect, pushing XRP back down to $1.99 or even lower.
If the SEC does approve Ripple ETFs, it could lead to increased investor confidence and market participation, potentially driving up the price of XRP. Historical precedents suggest that this could result in substantial price increases, like those associated with the launch of Bitcoin ETFs in the past. However, factors like competition, market dynamics, and ongoing regulatory risks must also be considered.
- The strategic accumulation of XRP by big players could be hinting at future significant XRP developments, as indicated by crypto expert Kyledoops with the revelation of over 300,000 wallets holding 10,000 XRP or more.
- Analyst Max Avery believes XRP's sideways trading is a result of institutional buying strategies, like time-weighted average price and volume-weighted average price, suggesting preparations for a potential spot XRP exchange-traded fund (ETF).
- The market is currently awaiting the SEC's decision on pending ETF filings from Franklin Templeton and Bitwise, and Avery predicts that ETF approval could lead to a gradual impact on XRP's price.
- Despite the bullish sentiment from whale accumulation, XRP continues to trade beneath its short- and mid-term moving averages, indicating a lack of strong upward momentum, with the RSI currently neutral and sellers still active.
- A break above the 10-day and 20-day EMAs might propel XRP toward the $2.30-$2.40 range, but a loss of the $2.05 support level could reverse the trend and push XRP back down to $1.99 or even lower.
- If the SEC were to approve Ripple ETFs, it could result in increased investor confidence, market participation, and potentially drive up the price of XRP, as observed with the launch of Bitcoin ETFs in the past.
- However, when considering potential price increases following ETF approval, factors like competition, market dynamics, and ongoing regulatory risks must also be taken into account.
- In the realm of finance and investing, crypto assets like XRP, Bitcoin, Ethereum, and even token offerings through ICOs, often attract the attention of strategically accumulating whales and institutional investors, shaping the market's future.
