This aggressive accumulation is typically positive sign
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These large-scale purchases have resulted in a net rise in whales' XRP holdings, signaling confidence and bullish sentiment toward the cryptocurrency. This has piqued the interest of the crypto community, prompting speculation regarding the reasons behind such a large accumulation and its potential implications for XRP's price trajectory.has largely consolidated in a range since mid-April. Bulls' attempts to push XRP price beyond the $0.57 level was rebuffed by bears on two occasions. This suggests a near-term resistance around this region, which needs to be breached for the XRP price to advance.
After hitting a low of $0.4841 on May 13, the XRP price began to recover. Although slight selling has hampered its rebound, XRP reached intraday highs of $0.523 during today's trading session.At the time of writing, XRP had risen 1.69% in the last 24 hours to $0.514. If XRP's price can maintain its present levels, it may rally to the overhead resistance of $0.57. This level may prove to be a difficult obstacle to overcome. If this is surpassed, XRP might rise as high as $0.
Alternatively, if the price falls from its current level, bears may attempt to strengthen their position by bringing the price to the important support of $0.46. Buyers are anticipated to defend this level vigorously. A robust rebound from $0.46 might indicate that the range-bound activity may continue for some time.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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