In a recent report, it was found that whales purchased 360 million XRP as the price dropped around 12% between June 22 and June 28. During this significant decline over the past seven days, whales took advantage of the price drop, adding 360 million XRP worth $170 million to their wallets.
On June 22, XRP reached a high of $0.52. However, this price movement turned out to be a trap for long positions, as the XRP price later reversed. Following the drop, profit-taking on XRP gradually increased due to overvaluation.
Currently, XRP is experiencing a price bounce from its previous day’s lows, as observed on its daily chart, with intraday highs of $0.473 recorded on June 29. At the time of writing, the price of XRP stands at $0.47, indicating a 1.14% decrease compared to the previous day. Over the past week, XRP has seen a decline of 5.16%. Before XRP can move higher, it is crucial for the daily MA50 barrier at $0.486 to be confirmed as support.
In the current scenario, there is a possibility that XRP could potentially retest its previous highs around $0.52. However, there is also a chance that XRP might continue trading within a range below $0.486 until bullish momentum builds up enough to break through this resistance level. It is worth noting that historically, the price range between $0.44 and $0.46 has acted as strong support for XRP.
Traders of XRP are eagerly awaiting the next significant movement for this cryptocurrency, which currently holds the sixth-largest market capitalization. According to on-chain data analysis from Santiment, there are positive indications for XRP in the near future.
Speaking of whale movements, on June 22, there was another noteworthy movement in PepeCoin that grabbed attention as a whale made headlines. The whale spent approximately $4.44 million USDC and 150 ETH, equivalent to around $287K, and added 3.43 trillion PepeCoin into their wallet.