Altcoins are experiencing tough times, with many undergoing significant corrections. XRP is among these, facing a 23% decline over the past seven days. However, large investors continue to accumulate the asset.
Whale Accumulation
Whales have taken advantage of the price dip to significantly increase their holdings of XRP. According to crypto analyst Ali, investors have purchased 520 million XRP, currently valued at approximately $1.22 billion. This indicates confidence in a potential short-term recovery.
Could This Short-Term Breakout Lead to a Recovery?
On the 1-hour chart, XRP successfully rebounded from $1.72 to the current $2.35 and is trading near the upper boundary of a falling wedge pattern. The 30-SMA serves as dynamic resistance. Breaking above it could see the price rise to $2.43 and $2.52. If not, a retrace to $2.30 is possible.
Final Thoughts
Technical insights suggest potential price recovery for XRP if it breaks out from the falling wedge, supported by strong whale buying. Otherwise, consolidation or lower support retracement may occur. The $2.30-$2.52 range will be key in the coming hours.
Analysis anticipates a potential short-term recovery for XRP, driven by active accumulation by major holders. However, surpassing resistance may delay growth or lead to consolidation. Investors are advised to watch the $2.30-$2.52 range in the coming hours for clearer predictions.
