Ripple price stays below $0.60 as whales snap up $228M in XRP

• Whales have accumulated around $228 million XRP in the last few days.
• XRP remains mildly bullish.

Ripple [XRP] has experienced underwhelming price movements recently, but market sentiment around the cryptocurrency remains positive.

Ripple remains bullish, but momentum is lacking

An analysis of Ripple’s price chart reveals a neutral to mildly bullish outlook. XRP is currently trading at $0.5853, up by 0.12%, reflecting a period of consolidation with a slight upward bias.

Key technical indicators, such as the Moving Averages and the Relative Strength Index (RSI), support this outlook.

Source: TradingView

The 50-day moving average (yellow) recently crossed above the 200-day moving average (blue), forming a Golden Cross—a classic bullish indicator suggesting a shift toward positive medium-term trends.

However, XRP’s price action shows a sideways pattern, with the coin oscillating around the $0.58 level. The RSI stands at 55.98, indicating neutral momentum with a slight lean towards bullish territory but still far from being overbought.

XRP must surpass recent highs around $0.60 for a stronger bullish breakout. At the same time, key support levels remain near the moving averages at around $0.55.

The current setup indicates a cautious market, but whale accumulation suggests otherwise.

Whales increase accumulation of Ripple

From May to early August 2024, the number of large Ripple holders remained relatively stable with minor fluctuations, showing limited accumulation or selling activity.

However, early August marked a sharp increase in large holders. The increase signals a sudden phase of accumulation among whales.

Source: Santiment

Furthermore, over the past ten days, whales have bought more than 380 million XRP, valued at approximately $228 million. This surge in accumulation points to growing confidence or strategic positioning by large investors in anticipation of favorable market conditions.

Following this spike, the number of large wallets has stabilized at higher levels, suggesting reduced selling pressure.

Read Ripple (XRP) Price Prediction 2024-25

Grayscale boosts XRP’s positive sentiment

Adding to the positive sentiment, a recent report by Grayscale highlighted that Ripple achieved the highest weekly returns among its top 10 crypto assets.

XRP posted a 9% return, outperforming Avalanche, which came in second with an 8.4% gain. This strong performance has further bolstered market confidence in Ripple, even as its price struggles to gain momentum.