More crypto whales have joined the XRP network: Report By CoinEdition

• Analyst Ali tweeted recent data showing that over 50 whales have joined the Ripple Network.
• Those whales bought $155.4 million worth of XRP, according to the data.
• At press time, the price of XRP has posted a 24-hour gain of 1.12%.

Cryptoanalyst Ali (@ali_charts) tweeted yesterday that approximately 50 Ripple (XRP) whales joined the Ripple Network in the past month.

In the tweet, Ali referenced data from blockchain analytics firm Santiment, which showed that these XRP whales have purchased around 420 million XRP. At the prices at the time of all purchases, it is estimated that the total dollar value purchased is approximately $155.4 million.

At press time, the price of XRP is up 1.12% over the past 24 hours according to CoinMarketCap. This 24-hour gain has also boosted the remittance token’s weekly price performance – taking the total weekly gain to 4.18% at press time. As a result, XRP’s price is currently at $0.3849.

Despite strengthening against the US dollar, XRP has weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 3.40% and 0.12% respectively in the last 24 hours.

The daily trading volume for XRP has increased as the new week starts. Currently, XRP’s daily trading volume is at $1,318,535,851 after increasing by 66.02% in the last 24 hours.

XRP/USDT Daily Chart (Source: TradingView)

Currently, XRP’s price is resting on the key support level of around $0.3795. The altcoin’s price has already fallen below this level earlier in today’s trading session, but bulls stepped in to push XRP’s price back up.

Nevertheless, technical indicators on XRP’s daily chart suggest that the price will fall in the next 24 hours. At press time, the 9-day EMA line appears to be crossing bearishly below the 20-day EMA line, and the daily RSI line is sloping negatively toward oversold territory.

A confirmation of this bearish thesis will be if XRP’s price closes below the two previously mentioned EMA lines.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post More crypto whales have joined the XRP network: Report appeared first on Coin Edition.

See the original at CoinEdition

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