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Ripple’s XRP endured a 12% dip over the previous week to touch the lowest mark since 13 November 2023, losing the crucial foothold at $0.5930. It trades at $0.5067 at press time, following more than 5% dip in the past day.
Meanwhile, the altcoin has seen increased accumulation by top wallets, highlighting potential recovery.
Whales action indicate looming price revival
While XRP stares at massive bearish actions, large-scale players, especially those holding 10M to 100 million tokens, accumulate. That showcases investor confidence in potential price surges for the alt.
Further, on-chain indicators confirm a gradual revival for XRP. Whales have reduced profit-booking, and the improved development activity presents a lucrative environment for solid rallies. The decline in players selling at a loss cements the upside narrative for XRP prices.
Further, the 10M – 100M holder cohort displayed constant accumulation amid price dips and distribution at local highs in the past six months. Considering this historical pattern alongside ongoing whale accumulation increases optimism for XRP.
Development activity as an upside catalyst
XRP’s development activity has recorded robust recoveries after touching 6-month lows last week. The flourishing ecosystem will likely boost the altcoin’s expected upward movements.
While XRP enthusiasts await the altcoin to escape the engulfing bearish trends, on-chain indicators, development activity, and whale behavior indicate optimism. Ripple’s altcoin should climb from its current price of $0.5067 and reclaim the crucial support at $0.5930 to ensure near-term resurgences.
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