XRP whales are busy keeping the buy tab open - Here’s how



Title: XRP‘s Price Movement: Why Accumulation is Driving Upward Pressure

Sub-title: Ripple [XRP] Accumulation Trend

On November 27, 2023, the Ripple (XRP) cryptocurrency saw a surge in accumulation, pushing its price to $0.63.

Sub-title: Implications of Accumulation

Data analysis from Santiment showed that addresses holding between 100,000 and 10 million XRP tokens had accumulated over $6 million worth of the cryptocurrency in the last seven days. This accumulation led to an increase in the supply owned by this cohort, which could potentially affect XRP‘s price volatility.

Sub-title: XRP‘s Reaction to Accumulation

The accumulation of XRP is expected to put upward pressure on its prices. Recent indicators suggest that XRP may be ready for a parabolic move, with the price currently at $0.63. The volatility of the token, as indicated by the Bollinger Bands, has also shown signs of increasing buying momentum.

Sub-title: Potential Price Fluctuations

While accumulation has driven up prices, there is also a possibility of a retracement. Liquidation levels, as shown by HyblockCapital’s data, indicate a potential retracement to $0.60, which could result in the liquidation of traders with entries around that level. Open Interest, another indicator, also suggests a weak upward move for XRP‘s price.

Sub-title: Forecast for XRP‘s Price

The Open Interest decrease suggests that XRP may fall back to $0.61, but continued buying momentum could push the token to $0.65.

In conclusion, the recent accumulation of XRP has led to an increase in prices, but there are potential factors that could result in price fluctuations. Keep a close watch on the market to see how XRP‘s price will evolve in the coming days.



### News source: eng.ambcrypto.com

See also  Which Cryptocurrency Will Crash: BTC, ETH, or XRP?

By Team