XRP whale transactions rise despite 18% price drop; Rebound imminent?
With the XRP (XRP) price experiencing a negative trend in the previous days, most investors would be inclined to stay away from this investment, but not according to whale holders, who maintain their position.
Cryptocurrency analyst Ali Martinez notes even in the face of an 18% price dip for XRP over the past ten days, it’s intriguing to observe a noteworthy surge in whale transactions and their accumulated holdings.
This activity surge among major crypto investors raises speculation that it could serve as a harbinger of a potential price rebound for XRP, as per his post on X on November 17.
“Despite XRP‘s 18% price drop over the past 10 days, there’s a notable uptick in whale transactions and their holdings. This growing interest from major players could be a precursor to an XRP price rebound,” Ali stressed.
The increased involvement of these influential entities suggests a growing confidence or strategic positioning that may influence the broader market sentiment and contribute to a positive shift in XRP’s valuation.
Recent developments regarding XRP
Recent news of fake BlackRock filing for an XRP exchange-traded fund (ETF) highlights traders’ eagerness to invest in this digital asset. After the news broke out, the price of XRP surged by 10% in a single day, driving its value toward the level of $0.69.
Another notable development in November is that Ripple has deviated from its observed pattern of selling unlocked XRPs in weekly batches, marking the first instance since August. The most recent sell-off of 60 million XRP ($39 million) occurred on November 6, and it has been 11 days since this transaction.
XRP price analysis
At the time of press, the XRP price stood at $0.60, which marks a negative change of -5.57% in the previous 24 hours, adding to the losses incurred over the past 7 days that amounted to -7.39%; however, monthly gains of 22.31% represent a stark contrast to the recent price movement.
Aspects that spell out a positive outlook for this digital asset are most notably its trading above the 200-day moving average, and 18 green days in the previous 30. Combined with its better performance than 68% of the top 100 crypto assets in a year.
On the other hand, it is essential to note that this is still down -85% from its all-time high value. Considering both pros and cons, whether XRP’s price will rebound remains to be seen.
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