Whales were purchased by XRP tokens for $ 630 million

The last four weeks have been difficult: during this time, XRP has fallen by more than 12.5%. However, in three months it grew by 26%.

Now onchain-data show that difficult weeks may end. Large buyers began to act, but sales of other holders so far interfere with significant growth.

Whales bought tokens for $ 630 million

On September third, when XRP was traded above $ 2.85, two large groups of holders began to accumulate coins. The first of them owned at least 1 billion XRP, and the second – from 10 million to 100 million. As a result, both increased balance: from 23.86 billion to 23.93 billion and from 7.61 billion to 7.76 billion, respectively. At current prices, this is approximately $ 630 million in new assets.

These purchases prompted the XRP above the level of $ 2.85, where the main part of the transactions took place. Previously, he served as a barrier to further growth of altcoin, but significant purchases of whales nevertheless helped to break through this obstacle.

The fixation of the profit interferes with the breakthrough

While large players bought, many holders sold, fixing profit. This is confirmed by two factors:

• The percentage of proposal in profit: On September 1, about 85.6% of XRP holders were in the plus. By the seventh of September, this figure increased to 93.4%. When the majority is profitable, many decide to sell.

• Hodl Waves: Hodl Waves show how long coins have been holding. If the strip is reduced, then the group sold. Owners who held coins from three to six months decreased from 9.05% to 6.12%. Those who kept from a week to a month decreased from 7.68% to 2.61%. This indicates the sale of short -term and medium -term holders during rebound.

Large players increased their positions and raised the price of XRP, while many small holders sold, slowing down the rally. Therefore, the upward movement has not yet become aggressive.

XRP forecast: what levels should be followed

At the time of writing this analysis, XRP traded $ 2.88 at $ 2.88, staying above the support of $ 2.85. The following resistance levels are $ 2.94 and $ 3.10. A breakthrough above $ 3.35 will completely change the structure to bull.

For several weeks, XRP traded in a “descending triangle”, where sellers pushed the price down to flat support. The Triangle threatened with a breakdown below $ 2.69. However, XRP broke up, leaving the bear Pattern.

This does not yet make XRP completely bull, but reduces the risk of falling. While the XRP is held above $ 2.85 and $ 2.69, the total three -month upward trend is maintained. If the fixation of the profit is weakened, large investors can clear the way for further growth.

If large purchases slow down and investors begin to sell more actively, the $ 2.69 support level may be at risk. The fall below this mark will cancel short -term growth.

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