- XRP remains strong above $0.60 as whales reduce holdings while retail traders accumulate the token, signaling mixed market sentiment.
- Technical indicators suggest potential gains of up to 10%, with Ripple’s upcoming Swell event likely to influence further price action.
Ripple’s XRP is making waves, holding steady above $0.60 despite significant changes in whale activity. Over the past few days, on-chain data reveals that whales, holding between 1 million and 10 million XRP tokens, have slightly reduced their holdings, leading to speculation about the asset’s next move. In contrast, retail traders have been eagerly accumulating XRP, signaling a potential shift in market dynamics.
Whale Activity Dips While Retail Investors Accumulate
According to data from Santiment, between August 22 and 23, Ripple whale wallets witnessed a slight decrease in their holdings. Typically, a reduction in whale assets increases selling pressure, which could signal an impending dip in price. However, retail investors, holding fewer than 1,000 XRP tokens, have taken this as an opportunity to scoop up the altcoin, offsetting some of the potential downward pressure.
This divergence between large-scale and small-scale investors is an intriguing development. It reflects growing interest among retail traders in XRP, even as some large holders pull back. Whether this dynamic will lead to sustained upward momentum remains to be seen.
Key Support Levels and Upcoming Swell Event
XRP is trading around $0.6010, a crucial psychological level for the token. The coin is currently eyeing a possible 10% increase, targeting $0.6602, which aligns with the 50% Fibonacci retracement level from the July 13 high of $0.9380 to the July 5 low of $0.3823. Technical indicators such as the Moving Average Convergence Divergence (MACD) show positive momentum, suggesting the potential for further gains.
Additionally, XRP’s price could find support within the Fair Value Gap (FVG) between $0.5845 and $0.5875, offering a safety net for traders should the market experience volatility.
Ripple’s Swell 2024 Event Could Fuel Optimism
Beyond market data, Ripple’s announcement of its annual flagship event, Swell 2024, is another factor likely contributing to investor interest. The event, scheduled for October 15-16 in Miami, Florida, is expected to draw influential figures from the blockchain, fintech, and payments sectors. As Ripple continues to expand its ecosystem and strengthen its cross-border payment solutions, the conference could provide the kind of positive sentiment needed to boost XRP’s market performance.
A Critical Juncture for XRP
XRP’s position above $0.60 remains a focal point for investors. While whale activity has slightly dipped, the strong accumulation by retail traders suggests that optimism remains high. With technical indicators pointing toward a potential 10% gain and Ripple’s Swell event on the horizon, XRP could be poised for further growth in the weeks to come. However, traders should keep a close eye on key support levels as market sentiment continues to evolve.
