As the price of XRP declined by about 12% between June 22 and June 28, cryptocurrency expert Ali reported making a significant 360 million XRP buy.
Whales benefited from the drop in XRP price over the past six days by adding 360 million XRP, or $170 million, to their hoards.
On June 22, XRP spiked to a high of $0.52. Since the XRP price later flipped around, the price action proved to be a trap for long holdings.
After that, as the price declined, XRP profit-taking gradually grew. The decreases, meantime, were interspersed with quick price spikes. Following that, XRP fell below $0.486, which stands for the daily MA 50. When the price of XRP dropped to a low of $0.464 on June 28, it was the perfect time for dip buyers.
On its daily chart, XRP can be seen experiencing a price recovery from the lows of the previous day, with intraday highs of $0.473 being hit on June 29. At the time of writing, the price of XRP was $0.47, down 1.41% over the previous day. The token is down 5.16% during the past week.
The daily MA 50 barrier at $0.486 must be confirmed as support before XRP may go higher. In this scenario, XRP may challenge previous highs around $0.52.
On the other hand, until bulls have enough traction to make a powerful push through this level, XRP may continue to trade in a range below $0.486. As in the past, the $0.44 to $40.46 price range serves as support.
Price teases next move
In the meanwhile, XRP traders are looking forward to the sixth-largest cryptocurrency’s next significant move. On-chain data points to good things for XRP in the future, but other market factors might also be at work.
On June 26, the on-chain analytics company Santiment said that XRP was displaying a tiny positive indicator as a result of slight trader capitulation. According to past experience, coins that move more frequently at a loss than a profit are more likely to appreciate in value.
The past three times the price of XRP surged, a spike in the number of active XRP addresses preceded it, according to crypto researcher Ali, who earlier this week recorded a jump in both network activity and XRP active addresses. Whether history will repeat itself this time is uncertain.
