XRP Price Breaks $0.60 Barrier with Boost from Whale Movements
After witnessing a notable surge in whale activity, the price of Ripple’s XRP has successfully surpassed crucial resistance levels in recent trading sessions.
Significant holders have been acquiring substantial amounts of XRP ahead of the recent price surges, and short-term Market Value to Realized Value (MVRV) data indicates that these investors are currently enjoying significant profits.
Increased Accumulation of XRP by Ripple Whales
An in-depth analysis of whale addresses holding between 100 million and 1 billion XRP shows a sharp increase in accumulation over the past few days.
These wallets have added nearly 500 million XRP to their holdings within the last ten days, which translates to a staggering $330 million based on the current market price.
In addition, data from Santiment reveals that XRP has emerged as the second most talked-about cryptocurrency, with a positive sentiment of more than 55%.
This surge in popularity can be attributed to the recent price rally that XRP has experienced, solidifying its position among the top-performing digital assets over the past three days.
Breaking Through Key Resistance Levels
XRP has demonstrated significant price action by breaching its previous resistance points at $0.58 and $0.57, levels that had previously acted as crucial support zones.
According to various price analysis tools, XRP has recorded a growth of over 7% in the last three days.
Currently trading around $0.65, XRP is revisiting this price level for the first time since March.
Despite this upward momentum, the sustainability of this trend beyond the $0.6 resistance mark remains uncertain, given XRP’s historical tendency to retrace after reaching this point.
Profits for Ripple Holders as MVRV Ratio Climbs
Ripple’s 30-day MVRV ratio has remained positive since September 12, indicating that holders have been witnessing profitability.
However, around September 27, the MVRV ratio surged from 3.7% to over 12%, currently standing at 12.53%.
This sharp increase in MVRV suggests that numerous XRP holders, particularly whale addresses, are currently enjoying considerable profits. While this could signal a short-term overvaluation, it also hints at the possibility of an impending market correction.
Nevertheless, both whales and short-term investors have already taken advantage of their accumulation during the recent price upswing.
Ripple’s recent price rally, driven by significant whale activity and the breach of crucial resistance levels, has propelled XRP to revisit its highest price point since March.
Yet, with the MVRV ratio pointing towards a potential overvaluation, the market might experience some volatility in the near future.