XRP Eyes New All-Time High as Whale Sell Pressure Eases by 93%

The XRP price climbed nearly 3% today, showing renewed strength after a quiet week of consolidation.

Ethereum flirts with $4,000, and a sleeping giant awakens: XRP. Currently wrestling around $3.28, XRP isn’t just trading; it’s coiling. A breakout is imminent, a surge that could redefine its future. Keep your eyes peeled – this sleeping giant is about to roar.

Whale Selling Tapers Off, Opening the Door for Upside

XRP whales are hibernating, and their exchange activity has plunged. This dramatic slowdown in large holder deposits – historically a telltale sign of impending sell-offs – hints at bullish undercurrents for XRP.

July 11th saw a torrential downpour of XRP, with whales unleashing a staggering 43,575 tokens. But the floodgates have since slammed shut. By July 28th, the XRP exodus dwindled to a mere trickle of 2,965 – a dramatic 93.2% plunge. Are the whales finally hibernating, their selling frenzy a distant memory?

XRP price and whale to exchange flow: CryptoQuant

Even though the selling frenzy has cooled since July 25th, XRP’s current volume is still twice as high as it was then. Don’t expect a smooth ride to a full-blown breakout; there are likely a few hurdles ahead.

Consolidation could continue as the market adjusts to the new equilibrium between sidelined whales and emerging buyers.

Rising Inflows Suggest Accumulation Behind the Scenes

XRP’s price chart whispers a tale of struggle, carving a path of lower highs. Yet, beneath the surface, the Chaikin Money Flow (CMF) indicator sings a different tune. It’s flashing a bright green signal, revealing a surge of capital steadily pouringintoXRP, even as its price falters. This divergence? It’s a bullish beacon in a seemingly bearish sea.

XRP price action and CMF divergence: TradingView

The plot thickens: whale sell-offs are shrinking, yet XRP’s ascent remains unfazed. Are silent, smaller buyers quietly seizing control, stealthily accumulating the digital asset as the giants retreat?

“When the CMF whispers of rising buy pressure beneath the surface, divergences like these are like breadcrumbs, hinting at the feast to come – a major price surge fueled by savvy early birds.”

XRP Price Could Cross $4 If This Key Level Breaks

XRP teeters on the brink of a potential price explosion, poised to shatter resistance at $3.37 a key level that could unlock the floodgates. Conquering this barrier transforms it from ceiling to floor, paving the way for a surge towards $3.62, a stone’s throw from its all-time peak. Should XRP muster the strength to overcome that hurdle, $3.83 looms next, setting the stage for a daring assault on the coveted $4.00 threshold.

Additionally, an XRP price breakout beyond $3.62 would prime the coin for a new all-time high.

XRP price analysis: TradingView

However, should XRP’s price falter and breach the $2.96 floor, the bullish outlook shatters. This breach acts as a tripwire, potentially unleashing a cascade of selling pressure and postponing, perhaps indefinitely, the ascent to new record highs.

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