- XRP has declined 23% over the past seven days and is currently trading at $2.35, amid broader altcoin struggles following the November rally.
- Whales have accumulated 520 million XRP worth approximately $1.22 billion, suggesting major investors are betting on a potential price rebound.
- XRP is trading near the upper boundary of a falling wedge pattern on the 1-hour chart, with the 30-SMA acting as dynamic resistance.
- A successful breakout above the wedge and 30-SMA could trigger recovery to $2.43-$2.52, while failure may push XRP back to $2.30 support.
Date: Fri, February 7, 2025 | 05:02 AM GMT
In the cryptocurrency market, major altcoins have been struggling to hold their ground since the November rally. Many altcoins have undergone a steep correction, largely influenced by the rise in BTC dominance and recent events like the DeepSeek launch and tariff-related uncertainty caused by Donald Trump’s latest statements.
Amid this, XRP has also faced a decline of 23% over the last seven days and is currently trading at $2.35. However, despite the ongoing correction, whales are making significant moves.
Whale Accumulation
Whales are taking advantage of the dip by accumulating large amounts of XRP. According to crypto analyst Ali, whales have recently purchased 520 million XRP, which is worth approximately $1.22 billion at the current price levels.
This large-scale accumulation suggests that major investors might be betting on a potential price rebound in the short term.
Could This Short-Term Breakout Lead to a Recovery?
On the 1-hour timeframe, XRP has recovered from its recent low of $1.72, bouncing back to $2.35 and currently trading near the upper boundary of a falling wedge pattern.
The 30-SMA (Simple Moving Average) is acting as a dynamic resistance, preventing an immediate breakout. If XRP successfully breaks above the wedge pattern and surpasses the 30-SMA, it could initiate a short-term recovery, with $2.43 and $2.52 as the next resistance levels.
However, if XRP fails to break out, it might retrace back to its lower support at around $2.30, potentially leading to further downside movement.
Final Thoughts
XRP’s technical setup suggests that a breakout from the falling wedge could lead to a price recovery, backed by strong whale accumulation. However, a failure to break resistance may keep the price in consolidation or push it back to lower support. Traders should keep an eye on the $2.30-$2.52 range in the coming hours to gauge XRP’s next move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
