According to data from prominent crypto analyst Ali Martinez, Ripple whales picked up more than 380 million XRP tokens over the last ten days, worth nearly $228 million. The purchase comes amid a market resurgence, with Bitcoin (BTC) reclaiming the $63,000 mark as of today.
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Market Resurgence and Bitcoin’s Performance
XRP is also witnessing a trend reversal, rallying 1% in the daily charts, 4.1% in the weekly charts, and 8.7% in the 14-day charts. XRP continues to glow red in the monthly charts, falling 1.2% in the last 30 days.
Source: CoinGecko
Will XRP Rally After The Whale Purchases?
Anticipated Price Spike
Ripple whales may be anticipating a price spike that will lead to a surge in purchases. The Federal Reserve recently cut interest rates by 50 basis points. A rate cut usually increases risky investments and may have led to a rally for the crypto market.
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Price Predictions
According to CoinCodex data, Ripple’s XRP token could surge to $0.789 on Sept. 24, 2024. Hitting $0.789 from current price levels will translate to a rally of about 33.73%. CoinCodex analysts do not anticipate the asset’s price to hold at $0.789, predicting a correction soon after.
Source: CoinCodex
Changelly researchers also painted a similar picture for XRP. The platform anticipates XRP to surge to $0.783664 on Sept. 23, 2024. Like CoinCodex, Changelly also expects the asset to face a correction after hitting $0.78.
Source: Changelly
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Resistance Levels
Ripple’s XRP token faces considerable resistance at the $0.59 level. After overcoming this level, the asset may continue on a bullish trajectory. The interest rate cut may also lead to a continued rally for the asset. On the other hand, XRP may not break the resistance level as predicted.