Big money investors are making moves – again, snapping up over $400 million worth of XRP in the last 48 hours. Yet, despite the massive whale accumulation, XRP is struggling to break past the crucial $2.60 resistance.
What is holding Ripple back? Here is what you need to know.
Over the last six months, Ripple has posted stellar price action. It has rallied to a new all-time high and recaptured a top position as the third most valuable digital asset.
Much of this is directly attributable to a number of fundamental developments around the layer-1 altcoin.
The most impactful, of course, would be winning the SEC case and coming to power of the crypto-friendly Trump administration.
In fact, its most recent bull run was inspired by an announcement by the SEC that it had received a filing for a Ripple ETF.
A report that the number of new wallet addresses buying XRP coins since Gensler’s exit from the SEC a month ago had risen past 200k helped cushion it from a CPI-triggered crypto market crash.
Whale Interest in Ripple Soars and Trump Shares XRP Article
Two market-moving developments took place yesterday. First, reports emerged that whales have embarked on yet another buying spree – this time acquiring 150 million XRP tokens worth more than $400 Million in the last two days.
Secondly, President Trump just shared an article about Ripple by CoinDesk on his TruthSocial platform. Given his pro-crypto stance, such news would have sent XRP prices rallying in the past.
So Why Aren’t XRP Prices Moving?
Two possible explanations for Ripple’s depressing price action carry the most weight.
For starters, the general market sentiment is currently leaning bearish, effectively disrupting any bullish momentum that was in formation.
Secondly, the Ripple ETF buzz has fizzled out, and even the odds of it being approved before 1st August have dipped to 44% if Polymarkets’ data is anything to go by.
When Will XRP Rebound?
Over the long term, a growing number of analysts are confident XRP will breach the $10 mark before the end of the end of the year.
Over the short term, however, the XRP price will remain shaky. But if the bullish momentum can help it force its way above the current resistance level of $2.6, it may pave its way for a path toward the next resistance level of $3.1.
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