Ripple (XRP) Price Forecast: $0.75 in focus as Whales invest $430M in 30-days

Insights

Ripple (XRP) price has surged toward $0.63 on Sunday March 24, marking a 12% recovery from the last week’s low of $0.57 recorded on March 20. On-chain data trends show that XRP bullish momentum is being fueled by a persistent  accumulation wave observed among whale investors.

Is XRP setting up for $0.70 price breakout in the week ahead?

Crypto whales have invested $400M in XRP over the last 30-days

XRP price action in March 2024 has been highly volatility. While other rival  altcoins like BNB and Solana (SOL), and Avalanche (AVAX) have all scored double-digit growth, the Ripple-backed coin has struggled to maintain a steady upward momentum.

This underperformance has seen both BNB and Solana leapfrog XRP into the top 5 crypto asset rankings.

But interestingly, on-chain data shows how whale investors have been capitalizing on the choppy price action over the past month to stealthily invest acquire hundreds of millions worth of XRP coins.

The chart above presents the real-time changes in balances controlled by whales wallets holding at least 1 million XRP coins ($600,000).

It shows that as of Feb 24, the whales held a cumulative balance of 43.46 billion XRP. But that figure has now skyrocketed to 44.14 billion at the time of writing on March 2024.

Essentially, this means that the crypto whales have acquired 680 million XRP coins between Feb 24, and March 24. When valued at the current XRP price of $0.63 per coin, the whales have effectively invested $428 million within the last 30 days.

Whale accumulation during a price consolidation phase suggest that the large investor are making bullish bets on the asset’s mid-to-long term price prospects.

Considering how influential whale investors are, other strategic retail investors could soon start to mirror their recent traders and take on a bullish disposition as well.

Also, whale investors are known to have long-term term investment horizon, which makes them more likely to show resilience amid short-term market volatility.

In summary, the whales large accumulation over the past month could ease the selling-pressure on XRP in the coming weeks. Meanwhile, the prospects of strategic retail traders taking a cue from the bullish whales could also lead to uptick in demand.

This could form a major bullish catalyst for XRP price to breakout toward $0.70.

XRP Price Forecast: $0.75 now in focus

Thanks to the recent $428 million whale inflows, XRP price has traded above $0.60 mark for 4 consecutive days since March 20, signaling that the bulls could be targeting a 20% breakout toward $0.75 in the week ahead.

Also, with the Relative Strength Index indicator currently trending at 52.3, it shows that XRP markets are currently far from overheated. Strategic new entrants could interpret this to mean room for more intense bullish activity in the coming days.

If this positive outlook plays out, the $0.70 territory form a major bearish resistance cluster as depicted by the upper limit of the Bollinger band indicator.

However, if the bulls can scale that sell-wall, a parabolic breakout toward $0.80 could be on the cards.

But if things take a negative turn, the bears could look to stage reversal toward $0.50. But considering the whale’s bullish buying trend, this seems unlikely in the near-term.

Also, the lower-limit of the Bollinger band shows that the bulls could regroup around the $0.56 to consolidate for another rebound phase.