XRP Price Set for $3.60 Recovery as Whales Buy 30M Coins?

Key Insights:

• XRP price rebounds 2% amid buy-the-dip sentiment among investors.
• Whales accumulated 30 million XRP in the last 24 hours after the crypto market crash.
• Institutional investments in Ripple coin doubled as evidence from rising inflows in the REX-Osprey XRP ETF.

XRP price holds above $2.86 after a 2% rebound following a crypto market crash. Amid the buy-the-dip sentiment, analysts anticipate a stronger recovery in Ripple coin.

Some whale movements were also recorded after analysts recommended buying after prices fell to $2.80. CoinGlass data indicated whales opening long positions near the $2.80 level.

XRP Price Set for Rebound, Popular Analyst Predicts

On September 23, crypto analyst Ali Martinez predicted XRP price looked ready to bounce. He added that if bulls hold above $2.71, buying pressure could build for a recovery to $3.60.

Notably, XRP price fell more than 8% during the crypto market crash on Monday, reversing the recent rebound to $3.10. Liquidation data revealed investors have sold Ripple coin worth millions.

In the latest X post, Ali Martinez pointed out that whales accumulated 30 million XRP in the last 24 hours. He claimed the crypto asset looked ready for a rebound after the recent crash.

According to Santiment data, whales holding 1000-10,000 XRP bought the dip. These whales have sold part of their holdings in the last few days.

Meanwhile, analyst CrediBULL Crypto highlighted that XRP is making a stronger recovery from this dip. He predicted that higher trading volume could trigger a rebound in XRP price above $3.

Rising Institutional Interest in XRP

As The Coin Republic reported, institutional interest in Ripple Coin (XRP) doubles amid accumulations by institutions. Institutional investments are leading the inflows amid the REX-Osprey XRP ETF launch.

XRP funds recorded $69.4 million in inflows in a week, up from $32.5 million in the previous week. According to Glassnode, XRP is witnessing a rising open interest, signalling renewed leveraged engagement and growing appetite for directional exposure.

CoinShares flows data also revealed that year-to-date (YTD) inflows increased to $1.51 billion, which boosted total assets under management (AuM) to $3.01 billion.

Meanwhile, the XRP Ledger has solidified its position as the trusted open-source settlement layer for global institutions. It ranked among the top 10 chains for RWA tokenization and reached its first month with over $1 billion in stablecoin volume.

XRP Price Performance amid Buy-the-Dip Sentiment

XRP price jumped 2% in the few hours to recover some losses, with the price trading at $2.86 at the time of writing. The 24-hour low and high were $2.80 and $2.88, respectively.

However, trading volume has slightly increased by 5% ahead of an upcoming $23 billion crypto options expiry and the US Fed’s preferred PCE inflation data. This indicated cautious trading in the spot market in the last 24 hours.

A breakout above the pennant pattern formation on the XRP chart could trigger a rally above $4. However, analysts expect a breakout above key resistance levels at $3.30 and $3.65 first.

CoinGlass data showed mixed sentiment in the derivatives market over the last few hours. At the time of writing, the total XRP futures open interest was down more than 1.5% to $7.71 billion in the last 24 hours.

However, XRP futures open interest on CME and Binance surged more than 1.2% and 0.90% in the last 4 hours, respectively. This signals buy-the-dip sentiment among derivatives traders.