Ripple whales have been on the move while XRP price action continues to suffer but can whale movement generate gains?
The global crypto market cap has moved above the $1 trillion mark as Bitcoin and Ethereum prices gave in to bullish momentum. XRP price, however, is still stuck in the same range-bound trajectory as it has been for over 10 days now.
XRP price continues to trade below the key resistance level at the $0.47 mark. Despite the occasional uptick in Ripple’s social volumes, there has been no major uptick in price or social volumes even as the Ripple vs SEC case approached an end.
Ripple whales activate
At the time of writing, XRP price traded at $0.459, declining by 0.9% on the daily chart. From a price perspective, XRP was still struggling to cope with the lack of volatility on its charts.
However, Ripple whales seemed to be on the move. Data from whale alerts highlighted that on Oct. 29, 40,614,705 XRP worth $19.29 million was transferred from Bitstamp to an unknown wallet.
Furthermore, 30,000,000 XRP worth $14.25 million was transferred from an unknown wallet to Bitstamp around the same time. Even though Ripple whales made efforts to move the XRP price was still stuck in the same price range.
Generally, whales accumulate during periods of low volatility when an asset is available at a discount and when they expect prices to go up significantly in the near future.
Notably, Ripple whales holding 1 million to 10 million coins percent increased their holdings in just a few days. This cohort had significantly increased their holdings since May.
So, could XRP whales be preparing for a win in the Ripple vs SEC case?
XRP Price still range-bound?
Analytics firm Santiment showed that around 11 billion tokens were moved according to the Age consumed metric. Spikes in the metric showed a large number of tokens moving after being idle for an extended period of time.
While Age consumed brought in some short-term price change seemingly XRP price saw no turns due to the same.
XRP’s MVRV 90-day had been in a downward trend showing that the coin was undervalued even in the long-term.
Looking at XRP’s daily chart, it was evident that the coin moved in a range-bound momentum between the $0.47 and $0.452 mark. Furthermore, retail volumes were missing in action while RSI presented that sellers dominated the market.
If bears stay in control of XRP price action the coin can see a retest of the lower $0.44 price level.
In case of a bullish breakout, if the bearish thesis invalidates XRP’s next key resistance would be at the $0.50 and then the $0.60 mark.
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