XRP Price Prediction as $1 Billion Floods In – Are Whales Accumulating?

cryptonews.com:

XRP has posted a meaty $1.3 billion in overnight trading volume as it trades at $0.5692 by 09.30 AM UTC.

The native coin for Ripple’s blockchain has spent most of the year posting intraday trading volumes of under $1 billion.

With a market capitalization of almost $31 billion, the sixth largest cryptocurrency by market capitalization still needs to attract $17 billion in inflows to flip its nearest rival, Solana (SOL).

With a 7-day price appreciation of 7.1%, XRP is currently riding a broader market rally that has also added 3.5% to the price of Bitcoin, 8.8% to Ethereum and 12% to Cardano.

However, several leading projects are posting dips over the last week including Solana (SOL), down $4.5% and Avalanche, which fell 6.7%.

Over the last three months, XRP has broadly been in decline, according to CoinGecko data, dropping as low as $0.50 in early February. Today’s rally is part of a broader recovery, but XRP has its work cut out for it if it wants to reclaim its three-month high of $0.67 posted in mid-early December.

A quick glance at the trading chart shows the uncertainty of XRP’s position. Its support level appears to be increasing since the month began, indicated by higher bottoms. A Relative Strength Index (RSI) of 58 also indicates healthy valuation and market activity.

However, recent tweets by whale tracker Whale Alert indicate that Ripple and another whale-sized holder may be getting ready to sell tens of millions of XRP, so short-term price prospects remain unclear.