Ripple (XRP) Price Analysis: Whales Accumulating XRP Again and Daily Active Addresses on the Rise 📈
The Ripple (XRP) price is showing promising signs of entering a consolidation phase, with whales starting to accumulate XRP once more. This accumulation indicates a potential surge in the future, supported by the increasing number of daily active addresses and the EMA lines signaling a strong consolidation path.
Whales Are Accumulating XRP Again
- A notable increase in the number of addresses holding substantial amounts of XRP, ranging from 10 million to 100 million coins, has been observed.
- This rise in addresses from 1,537 to 1,565 signifies a gathering momentum among large ‘whale’ investors, despite regulatory challenges from the SEC.
- Traditionally, such accumulation by whales is perceived as a bullish signal, as these investors position themselves for a potential price increase in the future.
Daily Active Addresses Are Also Rising
- XRP witnessed a peak in daily active addresses on March 9, leading to a subsequent price surge from $0.63 to $0.72.
- Following this rally, daily active addresses plateaued, aligning with XRP’s correction phase and stabilization around $0.61.
- From March 22 to March 28, daily active addresses saw an increase from 27,351 to 30,858, indicating growing investor engagement.
XRP Price Prediction: Consolidation Before New Surges?
- The XRP 4-hour price chart suggests a potential support level at $0.58, with a breach potentially leading to a slide to $0.51.
- EMA lines on the chart are converging around the current price, indicating a consolidation phase where the market is in equilibrium.
- If XRP can break away from this consolidation phase, sustained momentum could lead to a test of resistance near $0.64 and a potential climb to $0.75.
Hot Take: What Does the Future Hold for XRP?
With whales accumulating XRP and daily active addresses on the rise, XRP seems poised for a potential surge after a period of consolidation. Keep an eye on key resistance levels and market sentiment indicators for possible bullish developments in the coming days.🚀
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