when

<ul> 
 <li aria-level="1">Despite a market downturn, whale activity suggests possible price stabilization with a near-term target around $0.45.</li> 
 <li aria-level="1">Dormant circulation data reveals reduced movement of long-held tokens, suggesting lower selling pressure on XRP.</li> 
</ul> 
In a recent shift within the cryptocurrency market, XRP has seen an increase in holdings from its largest investors, known as whales, despite the overall price decline. 
<figure id="attachment_80561" aria-describedby="caption-attachment-80561" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80561" src="https://www.ethnews.com/wp-content/uploads/2024/07/xrp-whales-accumulation.png" alt="xrp-whales-accumulation" width="2048" height="693">
 <figcaption id="caption-attachment-80561" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Data from Santiment indicates that the share of XRP held by addresses with over 1 billion tokens increased from 39.81% in mid-June to 41.46% currently. 
This trend of accumulation by major holders is often seen as a <a href="https://www.ethnews.com/will-xrp-follow-ethereums-path-with-an-etf-by-2025/">positive sign</a> for the potential stabilization of the token’s price. Whales can significantly <a href="https://app.santiment.net/charts/WSbEiYqI__sCl">influence market movements</a>, and their increased buying activity suggests a belief in the token’s future value.&nbsp; 
<figure id="attachment_80565" aria-describedby="caption-attachment-80565" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80565" src="https://www.ethnews.com/wp-content/uploads/2024/07/XRP-Ledger-XRP-09.55.49-05-Jul-2024.png" alt="XRP Ledger (XRP) [09.55.49, 05 Jul, 2024]" width="2560" height="867">
 <figcaption id="caption-attachment-80565" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure>This comes at a time when the broader market is experiencing a downturn, with XRP’s price recently falling to $0.43, a 6.52% decrease over the last 24 hours. The ongoing accumulation could suggest that the price might soon stabilize or possibly increase to around $0.45. 
However, it’s important to recognize that the actions of whales alone are not sufficient to fully prevent a decrease in price.&nbsp; 
For instance, the metric of dormant circulation, which measures the activity of long-held tokens, shows that there has been less movement of these tokens lately. This typically reduces selling pressure, as fewer long-term holders are transferring their assets out of cold storage. 
<figure id="attachment_80569" aria-describedby="caption-attachment-80569" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80569" src="https://www.ethnews.com/wp-content/uploads/2024/07/xrp-price-prediction-analysis-2048x1324-1-e1720187885880.png" alt="xrp-price-prediction-analysis-2048x1324" width="2048" height="1276">
 <figcaption id="caption-attachment-80569" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
On the technical <a href="https://www.ethnews.com/can-ripples-xrp-repeat-history-and-skyrocket-60000-or-are-you-better-off-investing-in-newer-altcoins-like-rollblock/">analysis front by ETHNews</a>, the Relative Strength Index (RSI) for XRP currently stands at 23.96, classifying it as oversold. This technical indicator suggests that there may be a rebound in price soon. According to the Fibonacci retracement tool, if a recovery occurs, the price could reach the 23.6% Fibonacci level, estimated at $0.45. 
Despite these potentially positive indicators, <a href="https://www.ethnews.com/could-xrp-finally-breach-the-0-50-mark-on-chain-metrics-and-lawsuit-developments-signal-upcoming-recovery/">the future of XRP’s price</a> remains uncertain. If selling pressure increases or if whales begin to sell their holdings, the anticipated stabilization could be disrupted. 
Therefore, while the accumulation by whales presents a hopeful sign, the broader market conditions and investor actions are determining the actual price trajectory of XRP in the near term. 
The post <a href="https://www.ethnews.com/xrp-whales-increase-holdings-despite-market-downturn-indicating-potential-for-price-stabilization/">XRP Whales Increase Holdings Despite Market Downturn, Indicating Potential for Price Stabilization</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

XRP Whales Increase Holdings Despite Market Downturn, Indicating Potential for Price Stabilization

ETHNews

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