Analysts note a significant purchase of 19 million XRP on Upbit, drawing attention from traders and analysts to the market.
Large Purchase of XRP on Upbit
Market analyst Adex Crypt reported that a major crypto firm purchased 19 million XRP on Upbit, equivalent to $61 million. This transaction drew traders' attention, prompting them to closely monitor order books and on-chain activity.
Blockchain trackers initially flagged the large transfer from crypto exchange Upbit to an unknown wallet, often interpreted as significant accumulation of XRP or a reshuffle.
Technical Analysis and Target Levels
XRP has broken out of a long-term descending wedge, a classic bullish reversal sign. It is currently retracing to the $0.5–$0.618 Fibonacci zone, aligning with key support. Analyst Justcryptopays points out that this is an ideal accumulation zone targeting $4.67.
As XRP retraces to these levels, traders are looking for potential re-entry points. The convergence with structural support boosts accumulation prospects.
Conclusions and Market Prospects
XRP's breakout from the descending wedge and retracement to key Fibonacci levels create favorable conditions for accumulation. Support at the $0.5–$0.618 zone could confirm the next upward movement towards $4.67. However, the notable transfer of 19 million XRP could have a significant market impact, as highlighted by Adex Crypt, although its effect will depend on whether this signals long-term accumulation or short-term reshuffling.
Large purchases of XRP and its technical analysis create interesting prospects in the market. Players should consider both recent transactions and technical levels to make informed decisions.
