XRP, the seventh-largest cryptocurrency by market capitalization, continued to grapple with bearish sentiments on Thursday, extending its rough week amidst a broader market downturn.
Notably, April has proven to be challenging for XRP enthusiasts, witnessing price fluctuations dipping as low as $0.41 earlier this month. Despite efforts from bullish investors to stage a recovery, the market appears locked in sideways consolidation, offering few signs of imminent reversal. Nonetheless, amidst the turbulence, there are glimmers of optimism.
In a tweet, renowned crypto analyst Ali Martinez pointed out a notable surge in whale activity, particularly those holding between 10 million and 100 million XRP, stating, “$XRP dropped from $0.62 to $0.41, and crypto whales took notice. They’ve bought over 31 million XRP in just the past week!”
Notably, the acquisition frenzy didn’t stop there. On Wednesday, crypto transactions tracking service ‘Whale Alert’ brought attention to two significant players who secured substantial amounts of XRP from Binance, infusing a sense of positivity into the market. One whale acquired 18.84 million XRP, valued at approximately $10.26 million, from the exchange, while another amassed around 19.90 million XRP, totalling approximately $10.92 million, from the same exchange.
This accumulation signals a resurgence in confidence towards XRP, hinting at a potentially bullish sentiment among these influential market participants.
Adding to the narrative, analyst Brianq from Santiment highlighted a surge in the number of wallets holding at least 1 million XRP, nearing last year’s all-time high. This positive development coincided with a modest 6% price uptick, with XRP reaching as high as $0.5687 on Monday.
Elsewhere, analysts have been offering divergent views on XRP’s future trajectory amidst these promising signals. For instance, analyst YG Crypto suggested a potential dip towards support levels between $0.4900 and $0.4700, emphasizing the critical importance of this zone for preventing further decline.
Meanwhile, popular crypto analyst Andrew Griffiths remains bullish, anticipating a breakout from the long-standing triangle formation since 2017, potentially leading to a new all-time high for XRP.
“As long as we can stay above $0.60, XRP remains bullish. We are coiling up for a big move. I believe that once we can break the triangle formation and break the price of $1.20, we can see a new all-time high. This triangle is forming since 2017. The move that will be from there will be possible again as in 2017.” Griffiths wrote on Thursday.
XRP traded at $0.52 at press time, reflecting a 1.10% drop in the past 24 hours.