XRP whales remain undeterred despite the cryptocurrency’s recent sideways movement. Although Ripple’s associated token has shown lackluster performance in recent weeks, large investors continue to demonstrate confidence by capitalizing on price dips. Earlier today, the crypto tracking platform Whale Alert flagged a significant transaction involving a potential whale, as 30 million XRP tokens—worth approximately $17.6 million at the current price—were moved from exchanges to an unknown wallet.
Whales’ bullish stance on XRP aligns with a broader trend of accumulation. Exchange outflows for the token have surged, reflecting increased demand, as more investors adopt a “buy the dip” mentality. XRP traders are hopeful for a trend reversal, bolstered by positive market sentiment following the U.S. Federal Reserve’s recent rate cut.
This rising demand mirrors optimism surrounding Ripple Labs and other market developments. However, XRP remains in a consolidation phase and must overcome key resistance levels to break free. Currently, XRP is trading at $0.5898, up 0.28% over the past 24 hours. While it has rebounded from earlier September lows of $0.51 and found support around $0.58, it still faces resistance at $0.61. Overcoming this hurdle could potentially spark a sustained price rally in the coming weeks.
