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$22 Million XRP Whale Transfer Raises Questions About Ripple’s True Value Under $0.43

Last Updated 2 mins ago
Nikola Lazic
Last Updated 2 mins ago
By Nikola Lazic
Verified by Insha Zia

Key Takeaways

  • XRP shows subtle signs of recovery after hitting its July low. 
  • On-chain data indicates Whales are accumulating XRP. 
  • Technical indicators hint at the onset of a bullish wave. 

On July 5, Ripple’s price slipped to a low of $0.38, extending its decline from March, when it peaked at $0.74. As XRP seeks a bottom, technical indicators and investor sentiment are beginning to show subtle signs of recovery, especially as whales make a splash and accumulate. 

Is there a potential recovery in sight for XRP? On-chain data may suggest so. 

Whales Make a Splash

On-chain data revealed that large XRP transactions are rising, with whales capitalizing on the dip to accumulate tokens. 

On July 9, Whale Alerts recently reported  a transfer of 52.1 million XRP, worth $22.7 million, from Binance to an unknown wallet. 

There has been an ongoing trend of similar large transactions since early July, including a transfer of 31.9 million XRP  worth $14.22 million on July 6.

The recent batch of large transfers indicates that whales are accumulating XRP and are potentially anticipating a price recovery.

XRP on-chain
XRP Whale Transaction count | Source: Santiment

There has been a notable uptick in the whale transaction count today, which is 21. This is 3 transactions higher than yesterday and 7 transactions more than on July 8. But analyzing this data we can see that the uptrend is forming its  July 5 dip, proving whale interest has increased. 

XRP Price Analysis

Like many crypto assets, Ripple’s price performance over the years has been marked by several highs and lows. In January 2018, XRP reached an all-time high of $3.40, but this was quickly followed by a multi-year bear cycle that saw its value plummet to $0.10 by March 2020. 

XRP then staged a remarkable recovery in the following year, reaching $2 in April 2021. However, its days at the top were short-lived, as it plunged to $0.30 by June 2022. 

With the market signaling the onset of a bull run in November 2023, XRP made a slight recovery; however, has since struggled in 2024, hovering between $0.4 and $0.5

XRP
XRPUSD | Credit: Nikola Lazic/Tradingview

However, Ripple’s XRP shows potential for a bullish wave as it forms a symmetrical triangle on the weekly chart with the resistance anchored at its all-time high and support around the March 2020 low. Given the recent price movement, which suggests a prolonged wave 4, an upward wave 5 could be imminent, according to the Elliot Wave Principle. 

Still, for the bullish case to materialize, XRP must break above the symmetrical triangle’s resistance. An upside breakout could signal the beginning of a new advance toward a new all-time high. Conversely, a downside breakout could see XRP falling to the $0.30 area.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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