Since the start of August, Ripple’s XRP has been in a consolidation phase, with a clear symmetrical triangle pattern visible on its daily price chart.
Altcoin prices have recently been showing a bullish trend after bouncing off a significant support level at $0.519 in September.
At the moment, XRP is challenging a crucial resistance level within the symmetrical triangle at $0.58.
Source: Tradingview
Whale Influence on XRP Supply
Over the last 24 hours, there has been a considerable increase in whale activity within the XRP ecosystem. Data from Santiment reveals that whales, with holdings exceeding $5 million, currently control 55% of the total XRP supply.
This high level of concentration among large holders suggests potential drastic price swings in XRP’s market in the coming days.
Throughout history, whales have consistently impacted XRP price movements, and their significant dominance hints at a pivotal role in shaping future market trends.
Source: Santiment
Rising Social Influence on XRP
Alongside the increased whale activity, social dominance surrounding XRP has significantly spiked in recent days. Heightened conversations on social media platforms usually indicate a growing interest or expectations of significant developments in the market.
These spikes in social engagement could further boost market momentum as more traders and investors shift their focus towards XRP.
Source: Santiment
Examining the liquidation heatmap data provided by Coinglass, XRP displays a clear bullish bias. A substantial pool of 559k XRP is concentrated at the $0.5881 price level, signaling strong buyer interest.
Source: Coinglass
This positive outlook reflects an increased belief in Ripple’s potential for a bullish rally, with investors taking long positions in anticipation of further growth.
With XRP’s market fundamentals showing improvement, the blend of whale dominance, social influence, and bullish liquidation data could potentially drive continued price momentum in the near term.