Key Insights:
- Ripple XRP price wobbled below the $0.50 support on Monday as weekly losses edged closer to 9%.
- A group of resilient crypto whales have bought $25 million worth of XRP in the past week to trigger an early price rebound.
- Technical indicators currently point toward a mildly prolonged consolidation below $0.53 before another price breakout.
Ripple (XRP) price briefly dropped below the $0.50 support level on Monday as weekly losses edged closer to 9%. On-chain and technical indicators reveal that the bulls remain in a prime position to regain control.
Crypto Whales Accumulated 50 million XRP Coins to Fund Rebound Mission
After an unsuccessful attempt at the $0.55 resistance on October 3, XRP price retraced 10%, dropping below the $0.50 on Monday. But curiously, on-chain data reveals that a group of smart-money whales holding balances between 100,000 to 1 million XRP has remained resilient despite the recent price downtrend.
Between October 3 and October 9, the whales bought 50 million coins, increasing their cumulative balances from 3.77 billion to 3.82 billion XRP.
Valued at the current market price of $0.50, these newly acquired XRP coins are worth approximately $25 million. Notably, this 50 million coin accumulation wave has brought their holdings to a 2-month peak.
Increased accumulation from crypto whales during a price downtrend can be bullish for several reasons. Firstly, the large demand helps to slow down the price slump. Secondly, it could boost the confidence of other strategic traders within the ecosystem.
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See all Ripple forecastsXRP Price Prediction: $0.55 Remains a Viable Bullish Target
If these conditions hold, the XRP price will likely rebound toward $0.55 in the coming weeks rather than drop to $0.45.
With XRP currently trading at $0.51, technical analysis in the daily timeframe shows that the immediate support level to monitor is at $0.49. A break below this level may lead to a test of the next support at $0.45.
On the upside, key resistance level is $0.53 (SMA 50). Breaking above these key resistance levels could signal a possible bullish trend reversal. However, caution is advised, as the sentiment in the broader crypto market remains sensitive to macro events.
