As the long-awaited Bitcoin (BTC) halving event failed to trigger an imminent bullish rally and some cryptocurrencies even moved in the opposite direction, the industry’s largest investors have taken the opportunity to ‘buy the dip’ and flesh out their portfolios with more XRP.
Specifically, as the price of the XRP token dropped from $0.62 to $0.41, crypto whales took notice, purchasing more than 31 million XRP in just the past week, according to the observations shared by renowned crypto trading expert Ali Martinez in an X post on April 23.
XRP whale accumulation. Source: Ali Martinez
As it happens, the purchases in the amounts between 10 million and 100 million XRP soared in the previous week, as the price of this crypto asset dropped by a whopping 33.87% and has since returned above the $0.54 price level, as the bullish momentum returns to the crypto sector.
XRP price 7-day chart. Source: Finbold
At the same time, XRP’s current price action looks to be an expected development after a recent consolidation, as earlier projected by pseudonymous crypto expert Egrag Crypto, based on the analysis of the token’s chart patterns from 2017 and 2021, as Finbold reported on April 20.
XRP price action prediction. Source: Egrag Crypto
Meanwhile, the outcome of the ongoing courtroom standoff between the United States Securities and Exchange Commission (SEC) and Ripple over the blockchain company’s sales of XRP to retail and institutional buyers could have an influence on the price of the relevant token.
As a reminder, the two sides have been throwing motions back and forth regarding the amount of damages Ripple will have to pay for its institutional XRP sales that the judge had declared securities sales as opposed to retail. The SEC demands $2 billion, while Ripple argues that no more than $10 million is fair.
Ultimately, large investors seem to have a lot of confidence in the future price of XRP. However, things in this sector can often change on a whim, which is why doing one’s own research and weighing the risks is critical, and not just blindly swimming behind the whales.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
