XRP Approaching $0.60: Ripple Whales Bought Over 380 Million Coins In A Record 10 Days, What’s Going On?

XRP is springing higher but not at a pace expected by buoyant supporters. From the daily chart, the coin is still confined below $0.66 but remains above the primary support at $0.55. As long as this zone remains untested and sentiment shifts in support of the current developing momentum, Ripple may form a strong foundation for even more gains. Technically, the uptrend remains, set in motion by the bullish bar of September 12 through to 14.

XRP is steady, approaching $0.60, and up nearly 4% over the past week. Although engagement is rising, it remains below $1.5 billion, way below what was registered, for example, on August 7 and 8. All the same, it seems like the coin is building up momentum, fanned by supportive fundamental factors.

The following XRP and Ripple news developments are worth watching:

• Over the last ten days, XRP and Ripple whales have bought over 380 million coins worth more than $228 million. Their rapid accumulation is massive for sentiment and may be the basis for retail to hold onto their coins.
• The technical candlestick arrangement favors XRP at press time. As prices float higher, the coin is retesting the resistance trend line of a huge bull flag. If bulls break higher, one analyst thinks it could rally to as high as $3.

XRP Price Analysis

XRP/USD is steady at press time.

What’s positive, and even encouraging for traders, is that the consolidation is anchored at the $0.55 support.

As things stand, traders can consider buying the dip, targeting $0.66.

If prices expand higher today, closing above September 13 highs, XRP would rally even harder, retesting July highs.

Further gains will confirm the gains of the second half of July, setting in motion a race to fresh 2024 highs by the end of the year.