Data from prominent crypto-analyst Ali Martinez shows that Ripple whales have purchased more than 380,000,000 XRP tokens in the past ten days. This is worth approximately $228 million. This purchase coincides with a recent market rebound, as Bitcoin (BTC), which has reclaimed the $63,000 level today.
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Bitcoin and Market Resurrection
XRP also shows a reversal of trend, with a rally of 1% for daily charts, 4.1% for weekly charts and 8.7% for 14-day charts. XRP is still glowing red on the charts for the month, having fallen 1.2% during the last 30 day.
What will happen to XRP after the Whale purchases?
Expected Price Increase
It is possible that ripple whales are anticipating a spike in price, which will result in a rush of purchases. Federal Reserve has recently reduced interest rates by fifty basis points. Rate cuts usually increase risky investments, and could have led to an upswing in the cryptocurrency market.
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Price Predictions
CoinCodex’s data suggests that Ripple XRP could reach $0.789 by September 24, 2024. To reach $0.789 at current prices will result in a 33.73% increase. CoinCodex analyst do not believe that the asset price will remain at $0.789 and expect a quick correction.
Researchers at Changelly painted a similar image for XRP. The platform predicts XRP’s surge to $0.783664 in September 2024. Changelly is also expecting a decline in the price of XRP after $0.78.
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The Resistance Levels
Ripple XRP faces significant resistance around the $0.59 mark. The asset could continue to rise after it has surpassed this threshold. A continued rise in the price of the asset may be a result of lowering interest rates. XRP, on the other hand may not reach the predicted resistance level.
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Source: watcher.guru