$XRP Whales Add 50 Million Tokens, Breakout Incoming? - CoinPedia Analytics

Irma - Aug 27 - - Dev Community

Amid recent selling pressure across the cryptocurrency market, top assets like Bitcoin, Ethereum, Solana, and XRP have experienced significant price declines. Despite this, XRP whales have taken advantage of the lower prices, accumulating over 50 million tokens on August 27, 2024, increasing their holdings by about $29.5 million.

This accumulation has led to a 2.2% increase in XRP's open interest, indicating growing investor interest despite the recent price drop. Experts suggest a bullish outlook for XRP as it forms an inverted head and shoulders pattern, with $0.633 being a key level. A breakout above this level could lead to a rally towards $0.75.

Currently, XRP is trading near $0.595 with a 0.7% price increase in the last 24 hours. Its trading volume has risen by 17%, showing heightened activity among traders during this price movement.

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