Ripple Whales Buy 220 Million XRP In Five Days — Is XRP Price Undervalued?
With the XRP price making a 14% recovery since the start of February, will whale accumulation push the price higher?
Key Takeaways
- Ripple’s XRP has shown promising growth, reaching $0.56.
- Is XRP undervalued compared to top crypto gains?
- Whale activity hints at potential XRP rally.
On February 15 2024, Ripple’s price reached a high of $0.56, with potential for further growth. This is because there is an interest in the coin from major players, or whales, who are recognizing its undervalued position. It has risen by 14% since the start of the month. With XRP previously in a downtrend, its a promising sign.
XRP Is Undervalued?
Despite the overall crypto market witnessing substantial gains, with the top-10 cryptocurrencies experiencing double-digit increases between February 9 and February 15, XRP saw a modest rise of 8%.
Given its underperformance, XRP stands out as undervalued, especially considering the market’s 30% growth from January 23 to February 15, which added $450 billion in market capitalization. Notably, prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) have significantly increased this surge.
XRP’s growth from $0.51 to $0.56, pales compared to its counterparts, marking it as a potential target for investors. The observation that XRP’s gains are the lowest among top-ranked cryptocurrencies over seven days could signal growing investor interest.
XRP Whales Accumulate
Whale investors have notably acquired 220 million XRP in five days, indicating a strategic move to take advantage of XRP’s undervalued status. This influx , worth more than $120 million, underscores a potential preparation for a price rally.
This activity, combined with retail investors potentially following the whales, suggests an upcoming price rise for XRP. With the current performance of top cryptocurrencies and XRP’s potential to reach $0.60, overcoming resistance at the $0.57 mark could signify a bullish trend.
Will XRP Reach $1?
Since reaching a peak of $0.75 on November 13, Ripple’s price has fallen. As of February 6, it has hit its crucial ascending support line around the $0.50 mark.
With the daily chart’s Relative Strength Index (RSI) indicating oversold conditions, the price rebounded. The current downtrend could be a corrective phase, representing the second wave of a five-wave uptrend that began on October 10 from a low of $0.46.
Should the price fall below $0.46, it would confirm a breakout. This would cancel out the uptrend that started in October and suggesting a bleak future for XRP, with a possible decline to the $0.40 level.
But a bullish scenario could emerge if the price finds support and rises again. In this case, XRP may start a new, larger, uptrend, aiming for a high above the November peak, potentially reaching $1.
Disclaimers
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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