XRP Targets $4.67 as Institutional Demand Fuels Bullish Momentum
- XRP holds steady at $3.11 with strong whale buying despite market volatility and recent dips.
- 440 million XRP purchased by whales, showing long-term investor trust despite market-wide sell-offs.
- Technical indicators and whale accumulation suggest significant growth potential for XRP despite market fluctuations.
The Ripple (XRP) has been stable in August after an influx of rising institutional demand. It is trading right now at $3.11, still above the $3.02 support price. Last week, the highest price that XRP reached was $3.35. As more whales enter and technicals creep, investors want to see whether it is a continuation. The token has remained in the spotlight of the recent trends in the market.
Source: CoinMarketCap
Recent figures indicate that whales are on the purchase. More than 440 million tokens was bought in the last week alone by large holders. This total takes into account 120 million tokens purchased on August 15 in a huge market-wide sell-off. This represents long-term investor confidence that might muscle the selling pressure of the retail investors on the volatile market swings.
XRP Faces Setbacks, but Whale Activity Suggests Recovery
The positive signs notwithstanding, there have been some challenges faced by coin. It has lost a market capitalization of $15 billion since August 8. The prices declined by 8 to a level of $3.08. Nevertheless, the token has a fully diluted market cap of $308 billion.
Also Read: Ripple’s XRP Whale Accumulates 120 Million XRP as Price Approaches $10.47 Target
Although the volume of trading has declined by 36% to 7.55 billion, activity among whales indicates that such a decline might be viewed as a buying opportunity instead of a collapse.
Whale actions in the past have caused stabilization of prices. This is particularly the case in instances where a decrease in exchange reserves is experienced and liquidity congests. The investors are observing to see whether this trend would replicate itself to XRP or not.
The concentration of the whale activity may indicate that some profound accumulation process is in progress. This has been reinforced by historical patterns that have indicated that precursors of recovery are large wallet inflows.
Ripple Token Breaks Wedge with Bullish Reversal
As noted by Rose Premium Signals, the Ripple token is the asset that broke out of a long-term descending wedge. This trend is regarded as a bullish reversal. Following an aggressive upsurge, the coin has since set out on a retracement to prime Fibonacci levels.
Source: X
The better accumulation zone of the XRP is the 0.5-0.618 Fib range. This is a good place where resistance and Fibonacci support can converge with structure support; it makes it a good target point to buy as a long-term buyer. The investors are urged to monitor these levels in the near future. XRP within this range may be an indicator of a further northward movement into the market.
On the other hand, the token target price for the midterm is at $4.67. This forms a great potential benefit. In case present trends remain the same, there might be significant growth in XRP in the nearest future. Whale accumulation and positive technical indicators point to additional price growth of the digital asset. Nonetheless, market volatility is also a factor to be observed in the short term.
The performance of the coin in the month of August has been due to institutional interest and the heightened activities of whales. The token fundamentals show that, despite its recent volatility and setbacks in the market, it has good value.
Also Read: XRP Set for a Major Rally: Will $3.70 Trigger the Next Bull Run?
