XRP Pulls Back 10% Amidst Profit-Taking: Here’s the Whale Strategy to Know

XRP, the cryptocurrency backed by Ripple Labs, has experienced a rollercoaster ride in recent days. After soaring over 50% since July 8, its price took a sharp downturn, falling nearly 10% in the last 24 hours to settle around $0.5731 during early New York trading on Thursday.

This sharp correction has raised eyebrows and sparked speculation about the future of XRP. What’s next?

Understanding the Market

This large-cap altcoin, boasting a fully diluted valuation of approximately $57 billion and a daily trading volume averaging around $4.4 billion, recently tested a crucial resistance level of $0.633 before retracing its gains.

Today’s correction in XRP’s price coincided with notable activity among major holders on the XRPL network. Significant transactions included 24 million XRP, valued at approximately $14 million, transferred from Binance to an undisclosed address. Similarly, 19 million XRP worth about $10.9 million moved from Upbit to another unknown destination.

These transactions are part of a series totaling 14 similar movements recorded over the past two days.

What Are the Analysts Saying?

Crypto analyst Dark Defender suggests that XRP is currently undergoing a necessary correction following its recent surge. Predicting a potential support level around $0.49, Dark Defender anticipates a rebound towards a midterm target of $0.87, dependent upon XRP’s ability to maintain closures above its 50 and 200 Moving Averages in the near term. 

Meanwhile, anticipation looms within the global XRP community regarding the ongoing legal battle between Ripple and the U.S. SEC. With signs pointing towards a potential settlement, market sentiment suggests that XRP’s price could soon experience a significant bullish trend.

Whale activity is intensifying. Could this be a sign of major market movement? Share your insights.