What Is the Future of XRP? Will It Return to $2.35 After Whales Bought the Dip
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- XRP has decreased by 2.82% over the past day.
- Ripple whales have purchased 110 million XRP tokens valued at $242 million.
The cryptocurrency market has encountered significant downward pressure in the last day. Following Bitcoin’s decline to $95,000, many altcoins also suffered losses, including XRP which fell to a low of $2.15 during this timeframe.
This decrease has opened up buying opportunities for investors, particularly for whales who are capitalizing on price dips.
Ripple whales capitalize on price dips
A financial analyst noted that Ripple’s large holders have begun collecting XRP following the market downturn.
Source: X According to him, Ripple whales acquired 110 million XRP worth $242 million. This acquisition by major holders reflects their confidence in XRP’s future prospects.
The taker’s buy-sell ratio indicates a rise in purchasing activity over the last two days. This metric reversed from a consistent decline of 0.91 to 0.93, signaling that buyers are entering the market after previous selling pressures increased.
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Source: CryptoQuant.
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This shift from heightened selling pressure towards increased buying shows investor optimism as they see current XRP prices as ideal for re-entering the market. p >
What effect does this have on the charts for XRP prices? strong > h2 >
Generally speaking , an uptick in buying pressure from large investors tends to push asset prices upward . p >
p > Nonetheless , XRP is facing strong bearish trends . At the time of writing, it was trading at $2.28 , marking a daily drop of approximately 2.82%. The weekly chart indicates a total decline of about 2 .72 % . p >
The recent downward movement appears to have triggered panic selling among investors . The rising exchange ratio suggests discontent among holders ; currently standing at about ‘ .
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40136 – It demonstrates how more assets are being traded on exchanges than withdrawn.
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