XRP Holds above $0.55: Ripple Whales Just Bought 50,000,000 Coins in 24 Hours

Dalmas Ngetich•Wednesday, August 28, 2024•2 min read

XRP is firm, soaking in the selling pressure after losses from Sunday. As things stand, XRP bulls have the upper hand. The primary support will remain to be at around $0.55, while the local liquidation zone will be the $0.65 to $0.66 region. Unless there is a spike above this area, risk-average traders can consider staying on the sidelines. In the short term, aggressive traders can bank on the general bullish sentiment surrounding Ripple and XRP and take their chances with the seventh most valuable coin.

At spot rates, XRP is down roughly 3% in the past day and week. Unless there are gains in either direction of the current range, trading volume will also remain low. At press time, trading volume is at around $1.55 billion. Looking at trends, fundamental factors are primary drivers of demand for XRP. On August 7 and 8, trading volume shot higher after the court ruling before tapering to spot rates. Without these triggers, any price breakout will, therefore, likely influence traders going forward.

XRP Daily Chart for August 28

The following XRP and Ripple news are worth watching:

Ripple was told to pay $125 million as a settlement. However, this doesn’t mean the United States SEC won’t appeal. If they do, it will severely blow XRP and the crypto ecosystem.
Due to the low and consolidating prices, whales are choosing to accumulate. Reports show that these large entities have bought over 50 million XRP in the past day. The more they buy, the more liquid and on-demand the coin becomes.

XRP Price Analysis

XRP/USD is firm at press time but under pressure.

The local support is at $0.55, a region to monitor closely.

Traders can load the dip as long as prices hold above $0.55. If prices fall below this level, sellers may take charge in the short term, pushing the coin to $0.50.

At the same time, any break above $0.66 will be critical for traders in the short term.

Before then, risk-on traders can wait for a clean break above July highs before aligning with the primary trend.

If this break above this triple top is with rising volume, XRP will likely race even higher to $0.74 and $1.

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