![Ripple-XRP-Poised-for-a-Strong-Week.jpg Ripple (XRP) Takes the Spotlight: Top Coin to Watch in the Coming Week](https://cryptotoptrends.com/wp-content/uploads/2023/06/Ripple-XRP-Poised-for-a-Strong-Week-678x381.jpg)
Ripple (XRP) Price has consolidated around the $0.50 territory since September 1, but media rumors and key on-chain indicators now suggest an imminent rally. On-chain analysis explores the merits behind rumors that Blackrock is integrating XRP in its crypto expansion strategy.
Ripple’s (XRP) price hit a 2023 peak of $0.83 in July 2023 after it scored a landmark victory over the US Securities and Exchange Commission (SEC). The victory allowed many long-term holders to exit at favorable prices.
However, recent social media comments have raised rumors that Blackrock (NYSE: BLK), the world’s largest asset manager with over $9 trillion under management, could consider including XRP in its crypto expansion move.
On-chain data trends have revealed vital data points that could fuel this speculation.
Whales Load up 690 Million XRP in Two Months
After a two-month-long profit-taking frenzy, XRP price has now shed 40% from the $0.83 peak recorded on July 13. But interestingly, on-chain data reveals that a cluster of crypto whales promptly returned to accumulation mode XRP once the price slid below $0.70 towards the end of July.
As depicted in the chart below, the whale investors holding 1 million to 100 million coins added their 690 million XRP to their cumulative balances between July 30 and September 15.
The newly acquired 690 million coins are currently worth approximately $345 million. While XRP price has declined by another 30%, from $0.70 to $0.50, the whales have sustained the buying pressure during the accumulation period.
This alludes to the speculation that XRP’s new “not a security” status has attracted investment from institutional investors such as Blackrock, who interpret the ruling as a signal of regulatory clarity.
Whale investors are known to HODL for longer periods. If the whale inflows continue to roll in from entities looking to buy the dip, a larger percentage of XRP circulation will shift into their control.
The whales’ diamond hands trigger a breakout and help XRP maintain higher support levels during the next bull rally.
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Trading Sentiment Suggests an Imminent Trend Reversal
XRP price bulls have gained significant bullish momentum from the recent trading activity of institutional investors buying the dip. The current Relative Strength Index (RSI) trends further affirm this claim.
The chart below illustrates that it has cornered above the critical 30 mark, reaching 40.88 on September 15.
The Relative Strength Index (RSI) data assesses the strength and momentum of the current price trend. When the RSI corners in the 40’s region from below after a significant price correction, it suggests the XRP price trend is now entering neutral territories.
Combined with the whale’s buying pressure, this momentum swing could evolve into a prolonged XRP bull rally.
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XRP Price Prediction: $0.55 is the Target to Beat
XRP price rally attempts in March, June, and late August 2023 have notably been rejected at $0.55. Hence, the bulls will once again have their work cut out scale that resistance zone.
The Market Value to Realised Value (MVRV) data, which computes the net financial position of investors who bought XRP in the last 30 days, also confirms this narrative. It shows that, with prices currently sitting at $0.50, most crypto investors who bought XRP within the past month will make 1.3% losses if they sell today.
Considering the whales’ heightened buy-pressure highlighted above, XRP investors could hold out for 20% gains around $0.60. But if they close their positions at the 10% profit range, XRP could face significant resistance at the $0.54 territory.
Conversely, the bears could remain in control if the XRP price drops below $0.40. However, with investors now seemingly unwilling to book losses greater than 10%, they could stop selling around the $0.45 range.
But if that support level cannot hold, XRP could eventually reverse below $0.40.
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The post Ripple (XRP) in Focus: Can $350M Whale Inflows Push Price Higher? appeared first on BeInCrypto.
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