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XRP could jump on the investor wishlist and these holders can be accredited

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Posted: | Last updated: January 30th, 2024
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Can whale interest help XRP in terms of its price action? 
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Posted: | Last updated: January 30th, 2024

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  • Whales showed a new found interest in XRP
  • Despite metrics against XRP, indicators stood in favor and were positive 

The ongoing crypto winter has prevented most cryptocurrencies from increasing their values. However, Ripple [XRP] managed to register some gains over last week. According to CoinMarketCap, XRP’s price increased by nearly 2% over the last seven days.

Furthermore, at press time, it was trading at $0.3505 with a market capitalization of more than $17.6 billion. XRP’s recent performance might be the reason why it gained interest from the whales.

As per WhaleStats, a popular Twitter account that posts updates related to whale activity recently pointed out that XRP was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales.

Read Ripple’s [XRP] Price Prediction 2023-24

Some looming concerns…

Though the whales had faith in XRP, the metrics revealed a darker story. Most metrics didn’t favor XRP and suggested that things might worsen in the coming days.

For instance, XRP’s development activity decreased sharply over the last week, which was negative. XRP’s network growth also followed a similar route and registered a decline, further increasing the chances of a price decline.

Additionally, XRP also failed to gain interest from the derivatives market as its Binance funding rate remained relatively low. Nonetheless, XRP’s Market Value to Realized Value (MVRV) ratio went up lately, which provided the much needed relief to investors. 

Source: Santiment

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All good in the hood then?

 XRP recently also made it to the list of the top 10 DeFi projects in terms of social activity, which establishes the popularity of the coin.

Interestingly, though the metrics were mostly bearish, a few market indicators suggested that things might be turning around soon.

For instance, the exponential moving average (EMA) ribbon revealed that the gap between the 20-day EMA and the 55-day EMA was reducing. This could increase the chances of a northbound breakout soon.

Furthermore, the Relative Strength Index (RSI) was also above the neutral mark, suggesting a price hike. However, the Chaikin Money Flow (CMF) registered a decline, which can bring trouble to XRP.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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