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Ripple (XRP) whales begin price correction move

Ripple Price (XRP) He maintains It remains above a crucial level of psychological support, which has almost never been exceeded over the past 11 months. It currently appears that whales are aggressively intervening to prevent this breach.

This could be the key to resuming the price recovery and breaking the downtrend that XRP has been facing for a long time.

Will whales enter Ripple XRP to drive the price higher?

Over the past week it has decreased XRP Price From $0.54 to $0.50. This decline caused the altcoin to fail to reach the support level at $0.51, which corresponds to the 23.6% Fibonacci retracement level that goes from the high of $0.82 to the low of $0.42. As a result, XRP is now on the verge of falling below the $0.50 level.

However, the whales seem to have realized this problem and would probably intervene to avoid it. Over the past two days, addresses holding between 1 and 10 million XRP have added over 70 million XRP to their wallets. This offer, worth more than $35 million, constitutes the largest wave of purchases observed in the last three months.

XRP whale accumulation.
Whales are accumulating Ripple XRP currency. Source: Feeling

Another reason behind this stacking process is the intention of the whales to make profits. As the chances of XRP price falling below $0.50 are slim, the altcoin price is likely to rebound. Whales can make the most by buying low and making a profit later.

But this attempt could impact the market as a whole, which could also prompt retail XRP traders to increase their holdings.
Currently, Ripple is the currency XRP It is one of the rare altcoins whose profit represents less than 75% of the supply. It's only the second time in about a year that the lucrative offer has fallen this low.

Typically, a market top forms when more than 95% of the circulating supply makes gains. This means that XRP still has room to grow, which can provide a strong incentive for investors to add the token to their portfolios.

Offer XRP for profit.
Offer XRP for profit. Source: Feeling

XRP Price Prediction: Key Support Likely to Be Restored

is being exchanged XRP Price At $0.50, just below resistance at $0.51, coinciding with the 23.6% Fibonacci line. This support will likely be restored given the whale boom, as it will support continued recovery.

The altcoin has been facing a death cross since mid-April, and to undo it, a rise to $0.57 is necessary. This price is at the confluence with the 38.2% Fibonacci, and its recovery will confirm the recovery rally.

XRP price analysis.
XRP price analysis. Source: Commercial view

However, if the $0.47 support is lost, XRP price could fall Testing $0.42 as support, which could invalidate the bullish thesis, leaving the altcoin vulnerable to further corrections.

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