Does this crucial support finally stop XRP free fall as the undulating whales returns?

Does this crucial support finally stop XRP free fall as the undulating whales returns?

TL; Dr.

  • Ripple’s native file has been in an apparent descending spiral, losing more than 20% of its value from its maximum of all time marked in mid -July.
  • The asset has addressed crucial support that could determine its next market movements. At the same time, the most recent behavior of whales suggests recovery.

XRP price future

XRP, together with the rest of the cryptographic market, has not enjoyed the last 10 days or so. The asset remained above $ 3 and even $ 3.1 until last Sunday, when the broader market accident took it to $ 2.82 in just over a day.

His attempted recovery led him to $ 3.08 on Wednesday, but the Bears resurfaced quickly and did not allow another advantage. In fact, there were warnings about an upcoming setback to $ 2.83, which materialized on Friday. In addition, XRP immersed itself even more in a fall at $ 2.76 today, which became its lowest price level since August 3.

The $ 2.76 pricing line has a particular meaning to determine the future of XRP. Ali Martínez, who predicted the correction to $ 2.83, believes that this is a crucial support level that must be maintained so that the asset remains in a structure of the upward market.

Cryptowzrd also touched XRP price movements, saying that the asset closed undecidedly daily and is testing the same key support. The analyst said that XRP needs to move beyond $ 2.94 and maintain there, which “would activate a lot.”

Wave whales are back

These great market participants set up the XRP wave in July when the asset reached its maximum point at $ 3.65 with massive accumulations ahead of that rally. However, they changed the strategy in the following weeks when downloading 470,000,000 tokens in just ten days, as reported on August 20.

Additional data in the chain are alarm that undulating whales had been silently coming out of the XRP market for a while, which is generally considered a bearish sign. However, the most recent data shared by Martínez shows another 180 degree turn of these large investors.

In the period of the previous two weeks, they have accumulated 340,000 tokens XRP, valued at more than $ 950 million at today’s prices. This is a positive sign for the future price trajectory of XRP, since whales generally buy during price falls and before mass manifestations.

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