XRP’s Make or Break Moment: Could a Rally Be Around the Corner?

Crypto whales’ recent XRP purchases have renewed optimism for a price rise, even as the altcoin struggles with resistance levels.

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  • XRP’s price has stalled in a high-stakes tug-of-war.
  • Whispers of manipulation have begun to stir the pot.
  • Institutional titans have made their move.

XRP is in the midst of a fierce battle with key resistance levels that are keeping its price in check. After failing to break above the 50% Fibonacci retracement line at $0.60, XRP now grapples with the 38.2% Fib line at $0.55. The altcoin’s struggle to rise above this barrier has investors on edge despite some hopeful signs of a recovery.

Crypto Whales Fuel XRP Rally Hopes

Enter the crypto whales: investors holding massive amounts of XRP. Over the past week, these big players have snapped up more than 330 million XRP, worth around $177 million. Their buying spree suggests they’re betting on a price increase, which could be just the boost XRP needs to push past its current resistance.

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The influence of these whales is significant. In the past, their large-scale buys have sparked price rallies. This recent accumulation could be a game-changer for the tokens, providing the momentum needed to break through their stubborn resistance levels.

The Mean Coin Age (MCA) indicator has sent mixed signals. The MCA has recently ticked up after a bearish dip in late August and early September, showing increased coin movement. This suggests that long-term holders are choosing to keep their tokens rather than cash out, which could stabilize the price and support a potential rebound.

XRP price chart.
XRP Mean Coin Age. Source: Santiment

Despite a modest 3% rise over the last five days, XRP remains trapped below the $0.55 mark. If it can’t breach this level, it may hover between $0.55 and $0.49, potentially leading to a long period of stagnation.

Is XRP Being Manipulated?

Adding to the drama is the ongoing fear, uncertainty, and doubt (FUD) swirling around XRP. Analyst NotFinancialAdvice (NFA) claims this negative noise might be a tactic to scare retail investors away, allowing influential entities to scoop up the token at a discount. 

Despite these challenges, XRP’s partnerships with major institutions like the IMF and the UN continue to attract serious interest from big players. Market analysts, however, remain hopeful. This highlights the daily chart’s potentially bullish inverted head and shoulders pattern. If the token can break above $0.65, it might ignite a rally that could drive the price up to $1.11.

On the Flipside

  • While crypto whales have bought a significant amount of XRP, their past buying sprees haven’t always resulted in immediate price rallies.
  • The claim that FUD could potentially be used to manipulate retail investors might oversimplify the complex nature of market sentiment.
  • While potentially positive, XRP’s partnerships with major institutions like the IMF and the UN do not guarantee a price increase.

Why This Matters

While XRP has faced challenges, whales’ accumulation of the token and the mixed signals from the Mean Coin Age indicator suggest that underlying sentiment may be turning more bullish. If the token can overcome its resistance levels, it could signal a broader recovery in the altcoin market.

XRP has been struggling to break through a key resistance level recently. To learn more about what this means for the future of the token, read here:
XRP Faces Critical Resistance at $0.55: What Does It Mean?

Is interest in XRP fading? This article explores the token’s price volatility and some technical indicators that could signal its future direction. Read more here:
Is Interest Surrounding XRP Fading?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a reporter for DailyCoin covering all Ripple (XRP) developments and market analysis. Kyle's has major XRP holdings, moderate in Solana and Ethereum, and minor holdings across 20+ other cryptocurrencies.

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