Whales Buy 50 Million XRP When Tokens Struggle To Reach Resistance

Whales buy 50 million XRPs when tokens struggle to break through resistance (Photo; Doc. Nieuws Btc Direct)

JAKARTA - Despite Ripple (XRP) facing challenges to breaking an important level of resistance, big investors (whole) continue to show their confidence in the long-term prospects of these tokens. Recent data show that in recent days, large investors have added to their holdings with nearly 50 million XRP, which is worth about 26.5 million US dollars or equivalent to Rp398 billion.

According to data from Santiment, the number of whales Ripple addresses holding between 1 to 10 million XRP has increased in the last three days, from 1,606 addresses to 1,614 addresses. This shows renewed interest among large investors, although the price of XRP is stagnant. The total XRP collected by whales reaches 50 million tokens, a sign that they are preparing for potential future price increases.

This move is of concern because despite the huge accumulation by whales, XRP price movements have not shown a significant increase. Currently, big investors seem to be betting on XRP's long-term prospects even though the token is still stuck in a sideways movement trend.

XRP's daily trend analysis shows that these tokens face major challenges to breaking resistance levels on 50-day and 200-day moving averages. At the time of writing, the average 50-day movement is at the level of 0.56 US Dollars (Rp8,710), while the 200-day moving average is at 0.54 US Dollars (Rp8,399).

Despite having experienced a small increase of up to 0.53 US Dollars (Rp8,244) in recent trading sessions, XRP failed to maintain this momentum and returned to levels close to 0.53 US Dollars (Rp8,244). In addition, the XRP Relativity Force Index (RSI) is currently at 42, indicating a downward trend approaching the oversold region. If the price of XRP continues to decline, there is a possibility that this token will move further towards a bearish trend.