Ripple (XRP) whale investors are drawing market attention by making large-scale purchases even amid recent price declines. As the XRP price tests the support line near $3 (about 4,170 won) again, these whales seem to have seized the opportunity and bought as many as 120 million XRP.
Cryptocurrency analyst Ali Martinez revealed that a total of $360 million (about 50.04 billion won) worth of XRP was purchased by whales at the recent low point. This purchase was made during a short-term adjustment phase, and it was previously discovered that whales had additionally purchased 320 million XRP (about 1.112 trillion won) over three days. Such movements are bringing the effect of reducing total circulation in a short period and increasing the possibility of entry for small and medium-sized investors.
After a record-breaking rise in July, XRP continues to move within a box range. At that time, XRP rapidly increased from below $2.30 (about 3,197 won) to over $3.65 (about 5,074 won) in a short period, but subsequently declined due to profit-taking, and is currently staying within the range of $3.00 (about 4,170 won) to $3.30 (about 4,587 won). In the past 36 hours, it tested the $3.00 support line twice but successfully rebounded with buying pressure defending this level.
Ali Martinez suggested $3.26 (about 4,531 won) as a condition for further increase. If this resistance line is exceeded, XRP could potentially reach a new high of $3.90 (about 5,421 won). Particularly, based on technical analysis, XRP is currently moving in a triangular convergence zone, so significant volatility is expected at the moment when the future direction is determined.
This large-scale purchase flow is interpreted as a strategic response by whales who view the short-term XRP price decline as a low-price buying opportunity. The market is spreading expectations that their movements could have a positive impact on the entire XRP market. Attention is focused on what inflection point XRP's future movements will provide to investor sentiment.
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