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XRP whales are not backing down amid the continuous sideways movement from the Ripple-associated coin. Despite the stagnant market growth and lackluster performance in the past few weeks, large investors are still showing confidence in XRP. The buying trend is consistent, as these whales have been buying the dips.
Earlier today, crypto tracking service Whale Alert reported a huge XRP purchase by a potential whale. It was revealed that a whopping 30 million coins were transferred from crypto trading platforms to an unknown wallet. The total value of these coins, according to the current XRP price, is estimated to be around $17.6 million.
XRP whales go bullish
This XRP purchase is part of a broader buying spree seen recently. There has been an increase in exchange outflows for the coin as the "buy the dip" trend gets stronger with each passing day. XRP traders are anticipating a trend reversal as positive sentiment prevails across the crypto market after the recent rate cut decision by the Federal Reserve of the United States.
The rising outflow of XRP from these top crypto exchanges reflects the growing demand of the digital currency. Positive developments and updates related to Ripple Labs have also injected confidence onto the market, and whales are trying to take advantage of this sentiment. However, XRP has to break out of the ongoing consolidation phase.
What’s happening with the XRP price?
As of writing time, the XRP price is trading at $0.5898 after a slight increase of 0.28% during the last 24 hours. While it is stuck in this range, the coin has recovered from lows seen earlier this month. During the first week of September, XRP was trading around the $0.51 price level. However, it has since recovered and established support at the $0.58 level.
It still has a plethora of work to do as the next resistance level of $0.61 is hampering the potential price rally. The XRP price needs to turn this resistance into a support level in order to go for the next highs and potentially trigger a more sustained price rally in the coming weeks. Only time will tell if XRP can achieve this milestone.