Whales buy Ripple (XRP) - Large investors are increasing their holdings and driving the price to a 3-month high

Whales buy Ripple (XRP) - Large investors are increasing their holdings and driving the price to a 3-month high

According to a report by bitcoin-2go.de,
Ripple (XRP) has just surpassed the important price mark of $0.68 and reached a 3-month high. The holdings of XRP on all wallets have also reached a new high in 2023, underpinning the strong performance of the past few days. In addition, large investors (whales) have bought Ripple (XRP) at the highest level so far in 2023, so that wallets that hold 100,000 to a billion Ripple (XRP) now hold around 45.8% of all available XRP tokens. Ripple (XRP) is up 23% against the price of Bitcoin (BTC) over the past week.

Furthermore, the price of Ripple (XRP) has experienced a strong increase in recent trading days, sometimes exceeding 50% since mid-October. The chart analysis shows that the Ripple price has broken through important resistance at the daily level and that this could be confirmed as support by possible support in the future. However, if the price continues to rise, it could face a downward trend line that has been confirmed several times in the near future. The RSI is also currently heavily overbought, but is now falling slightly. The Bollinger Bands suggest that another slight decline is possible in the coming days.

On a weekly basis, it appears that the price of Ripple (XRP) has plenty of room for further gains should it overcome the resistance area around the downtrend line and also break the resistance around USD 0.90. The weekly Fibonacci extension shows a possible price target around $1.22 over the next few weeks and months.

The conclusion to the Ripple price increase over the last few days is that the cryptocurrency Ripple (XRP) is currently in an upward momentum and could use this to surpass further resistance areas. From a fundamental perspective, the data shows that many market participants believe that the project's price will continue to rise.

As a financial expert, it can be said that the sharp rise in the Ripple (XRP) price and the increased purchases by large investors indicate increased interest and trust in the cryptocurrency. If this trend continues, it could increase the attractiveness of Ripple (XRP) as an investment and possibly lead to further price increases. However, it is important to continue to closely monitor developments in the market in order to make informed decisions.