XRP Whales on a Buying Spree

Jafrin  |  Oct 20, 2020

Ripple (XRP) whales go on a buying spree, as the price of the digital asset is up nearly 2% in the past 24 hours. The buying frenzy can further push the international settlement token out of its price correction over the past two months relative to the rest of the market. Breaking out through this can signal a move towards $0.30, if not it could trigger a correction to $0.20.

XRP Whales Indicates Bullish Outlook for XRP

The price of the Ripple’s cryptocurrency swung downwards by more than 30% after a high of $0.33 in early August 2020 to a recent low of $0.22. If the buying spree continues, the price of the cross-border token might further swing upwards by more than 20%, around $0.30.

Recent data have estimated that since 0ct.13, 14 new XRP whales have joined the network, while its valuation was going downwards. Wallet addresses holding XRPs have also increased from 1 million to 10 million XRP. An increasing number of whales combined with an upwards priceline is a sure sign of a bullish indicator for the network. If the buying pressure continues, an upward trendline will soon be revealed in the price valuation.

XRP Signals Potential

However, one also needs to pay attention to its 50-day and 100-day moving averages, as failing to turn these resistance hurdles into support might be followed by a significant correction. If this were to happen, Ripple’s XRP would likely retrace towards the 200-day moving average at $0.225.

XRP is currently the fourth-largest cryptocurrency behind Bitcoin, Ethereum, and Tether, with a market capitalization of more than $11 billion. The cryptocurrency has now a much greater acceptance than in comparison to the rest and has a much greater potential.

Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company, also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. According to Ripple, open protocols are a basic prerequisite for CBDCs to be interoperable worldwide.

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