Ripple, the crypto rising to the top spot among altcoins!

Tue 22 Aug 2023 ▪ 3 min of reading ▪ by Eddy S.

After a rather rough week, XRP, Ripple’s native crypto, is back in the spotlight. A significant rise that propels it to the top of the altcoin rankings. So who do we thank? To the whales, who are doing a remarkable job on the markets.


Crypto whales pile up declines

Ripple (XRP) is swinging back into positive territory after a few days in the red. This recovery is due to the action of the whales on the market. Known for being investors holding large quantities of cryptocurrencies, there’s no stopping them when it comes to increasing the size of their crypto wallets.

According to Santiment, XRP is showing subtle signs of recovery. This is the result of whale bearish buying. It should also be noted that the current 4% rise in price is supported by several major holders of the token.

Of these, 221 addresses hold significant amounts of XRP, ranging from 10 million to 1 billion tokens. Collectively, these addresses now hold 16.13 billion tokens, worth around $8.71 billion.

As a reminder, Ripple (XRP) has been facing significant selling pressure since last week. This, because of the SEC’s actions and its intention to appeal the verdict. However, in their legal filings last Friday, the SEC took a more reassuring stance. It suggested that XRP could be considered as something other than a financial security.

Ripple’s price movements with XRP crypto

On Ripple’s daily chart, XRP/USD was below resistance at $0.5750 to $0.5900. The rise seen over the weekend saw it break above the 200-day exponential moving average. However, the cryptocurrency remains below the 50-day exponential moving average.

In addition, when analyzing the 14-day Relative Strength Index (RSI), a reading of 34.14 indicates bearish sentiment. This is in line with the 50-day exponential moving average. We thus note the possibility of a decline below the support range of $0.4920 to $0.4780, with a potential target below $0.47.

The Ripple crypto (XRP) is showing signs of recovery thanks to accumulation by whales and SEC indications of its status. However, short-term price movements remain bearish.

Receive a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don't miss any of the essentials of Cointribune!

Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.