Large investors continue to support Ripple-associated coin XRP despite continuous sideways movement in the market. Despite the stagnant growth and lack of significant activity in recent weeks, whales still exhibit confidence in XRP, consistently buying the dips.
XRP Whales Continue Purchasing
Today, crypto tracking service Whale Alert reported a massive XRP purchase by a potential whale. A transaction transferring 30 million coins from crypto trading platforms to an unknown wallet was registered. The total value of these coins, according to the current XRP price, is estimated to be around $17.6 million. This is part of a wider buying spree seen recently. Amid positive sentiment in the crypto market following the US Federal Reserve's rate cut decision, XRP traders anticipate a trend reversal.
What’s Happening with the XRP Price
At the time of writing, the XRP price is trading at $0.5898, up 0.28% over the last 24 hours. Despite being stuck in this range, XRP has recovered from lows seen earlier this month. In the first week of September, XRP was trading around $0.51, but it has since recovered to establish support at $0.58. However, further growth will depend on breaking past the resistance level at $0.61 and turning it into support to spur a more sustained price rally.
Conclusion
Key investors remain confident in the potential of XRP despite the current market conditions. This is reflected in the increasing purchase volumes and rising demand for the coin. However, for XRP to escape the consolidation phase and achieve new highs, it will need to break through several critical resistance levels.
In the coming weeks, it will become clear whether investor expectations concerning XRP's growth will be met. Although the current rise is still modest, there is potential for XRP to exit the current consolidation phase and reach new price levels.
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