Ripple (XRP) Price Retreats 10% to $0.65
After reaching a three-month high of $0.72 last week, Ripple (XRP) price has retreated by 10% to hit $0.65. On-chain data reveals that crypto whales have started making strategic moves to disrupt the ongoing XRP price consolidation phase.
Crypto Whales Spotted Buying 90 Million XRP in 48 Hours
XRP price action has been flat over the last few days, and mega-cap cryptos retreated from last week’s euphoric highs. But as the price retreated to the key support territory at $0.65, on-chain data reveals that a group of strategic whale investors swooped in to buy up a large amount of XRP.
According to the Santiment chart below, whales (wallets holding 1 million to 100 million XRP) had only 8.93 billion coins in their cumulative balances at the close of Sunday, Nov. 12. But that figure has rapidly increased to 9.02 billion as of Nov. 14.
The whales wallet balance metric tracks real-time changes in the number of coins in custody of large institutional investors. Valued at the current price of $0.66, the newly-acquired 90 million XRP are worth approximately $60 million.
Market Has Shifted From Overheated Zone
XRP price skyrocketed to a three-month peak of $0.72 as markets overheated due to new listings on Upbit exchange and legal victories over the Securities and Exchange Commission (SEC). However, after a week of consolidation, the Relative Strength Index (RSI) data shows that XRP has moved from overbought conditions to neutral territory.
XRP Price Prediction
Having defended the $0.65 territory, the $60 million whale inflows recorded in the last 48 hours puts XRP price on an upward trajectory. The Parabolic SAR (Stop and Reverse) technical analysis indicator also supports the bullish price prediction.
Hot Take: XRP Could See Another Breakout Soon
The recent surge in whales’ buying activity suggests a potential for another price breakout for XRP after rebounding from the $0.65 area. The market has shifted from an overheated zone into a consolidation phase, making it an opportune time for strategic investors looking to enter the market.
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