• Wed. Feb 28th, 2024

XRP fails to mount a comeback despite whale accumulation. Here is the next target

  • XRP has been correcting as the SEC case drags

  • Whales have been accumulating the cryptocurrency

  • XRP could continue sliding to find support at $0.30

Ripple (XRP/USD) enthusiasts have been anxious for the past weeks. As investors awaited a possible hint of the SEC decision, the XRP price stalled. Perhaps it underlined a wait-and-see attitude, as the case can go either way, anyway. However, as the events dragged on, XRP lost ground. It is not the worst performer, though. Trading at just $0.34 as of press time, the cryptocurrency was looking likely to head lower. But there is some encouraging cryptocurrency news.

According to Santiment data, XRP whales are taking advantage of the recent decline to scoop more tokens. In December, whales holding between 1 million and 10 million of XRP rose to 1,617. The percentage of supply for the XRP addresses is now at 7.23%, a record high.

The increased whale activity signals that big investors still have hopes about the XRP price. They bank on the expectation that Ripple will win the case against the SEC, boosting the cryptocurrency price. That is seen in the price action of XRP since the token has yet to make significant declines amid a bear market.

XRP price outlook and analysis

XRP/USD Chart by TradingView

The technical outlook shows XRP is bearish. The price lost an opportunity to break out at $0.4 before coming under the bear pressure. The MACD indicator shows that momentum is weakening fast for XRP. The next support for the cryptocurrency lies at $0.30.

What to do with XRP?

Despite being bearish, XRP has been one of the most stable cryptocurrencies. The current decline is better said to be a correction rather than a bear market. It should, however, be noted that the long-term momentum is bearish for XRP.

For XRP buyers, it is important to monitor fundamentals around the case with the SEC. In the meantime, the support around $0.30 should be watched if the correction continues. A break below the level could make XRP more bearish.

Where to buy XRP

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


Buy XRP with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.


Buy XRP with OKX today

The post XRP fails to mount a comeback despite whale accumulation. Here is the next target appeared first on CoinJournal.