XRP Price Crashes 5% : Should You Buy XRP Now Amid Whale Accumulation?

The post XRP Price Crashes 5% : Should You Buy XRP Now Amid Whale Accumulation? appeared first on Coinpedia Fintech News

XRP News Now : Amid the ongoing crypto correction escalated by the monetary policy changes in the United States, Ripple Labs-backed XRP has retraced more than 5 percent in the past 24 hours to trade about $2.36 on Thursday, during the early European session. The large-cap altcoin, with a fully diluted valuation of about $235 billion and a 24-hour trading volume of around $20 billion, has been trapped in a consolidation mode for the past two weeks.

Nonetheless, XRP price has already confirmed the onset of a macro bull run after breaking out of a six-year triangular consolidation following the overwhelming victory of pro-crypto US leaders led by Donald Trump. Furthermore, the XRP/BTC pair has rebounded from a crucial support level, amid the ongoing altcoin awakening catalyzed by institutional investors.

XRP Whales Loads More Coins

According to on-chain data analysis provided by Santiment, XRP whale investors, with a balance of between 100 million and 1 billion tokens, have added more than 860 million XRP coins this week, worth over $2 billion. 

During the ongoing bullish outlook, XRP whales have relentlessly accumulated more coins along the way.

Betting on Robust Fundamentals 

Backed by Ripple and its robust business models, XRP has gained renewed interest in the recent past. Moreover, the ongoing Ripple vs SEC lawsuit is likely to be dropped under the upcoming Trump administration.

On Wednesday, Ripple Labs debuted its fiat-backed RLUSD stablecoin, which has received overwhelming support from both centralized exchanges and DeFi protocols. 

The launch of RLUSD will significantly bolster XRP’s liquidity and enhance the company’s cross-border payments.

Midterm Target

From a technical analysis perspective, the XRP price, in the daily time frame, has broken out of a bullish pennant flag formed in the past two weeks. With a potential inverted head and shoulders (H&S) pattern, XRP price is likely to rebound towards its all-time high above $3.4 in the near term.

However, a sustained close below $2 in the coming weeks will invalidate the bullish sentiment and lengthen the ongoing market correction.