Ripple (XRP) has been underperforming this week in comparison to Bitcoin and Ethereum, with its price lingering below $0.50. However, recent data from Santiment and the Whales Wallet Balances chart indicates a resurgence in demand from large-scale investors, commonly known as "whales". This surge in demand has led to an increase in XRP holdings by $75 million this week, potentially swaying retail investors.
Earlier this month, the Middle East crisis between Israel and Palestine resulted in a 3% contraction in the global crypto market. Between October 7 and October 14, over $3 billion was withdrawn from the market, severely impacting XRP, which saw outflows of approximately $95 million from whale wallets.
Despite the initial panic selling, whale confidence appears to be rebounding. From October 14 to Thursday, holdings have risen from 8.86 billion to 9.01 billion. If these influential whales maintain their buying trend, it could inspire retail investors to mirror their actions, potentially initiating a bullish trend.
Technical analysis using the Parabolic SAR (Stop and Reverse), along with data from TradingView, suggests that if XRP can break past the $0.50 resistance level, it could rally towards $0.55. In case of a larger downtrend, initial buying interest might emerge at $0.47, with a significant buy-wall at $0.45 providing support for the price.
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