Ripple’s (XRP) price has been disappointing investors, as the altcoin continues to decline since the beginning of the month. Moving forward, there are mixed signals from investors, indicating a potential period of consolidation for the crypto asset.
The XRP price is showing conflicting signs, with whales attempting to initiate a recovery while retail investors are pulling back. Whales have accumulated over 100 million XRP in the last 48 hours, amounting to $47 million. This accumulation is seen as crucial for kickstarting a recovery, especially as the XRP price has been on a downward trend.
However, retail investors are not as optimistic, remaining bearish and showing minimal participation on the network through declining active addresses. This lack of optimism is reflected in the divergence between price and daily active addresses, signaling a potential “sell” trend.
If retail investors continue to retreat, the altcoin may face resistance in its recovery efforts, potentially negating the impact of whale accumulation. The XRP price, currently at $0.474, is hovering around a key support level at $0.473. Despite whale accumulation, the sideways momentum is expected to keep the price range-bound between $0.473 and $0.516.
The altcoin’s ability to reclaim the $0.516 level, which coincides with the 23.6% Fibonacci Retracement, could signal a potential recovery. However, a loss of the $0.473 support may lead to further downside, with the altcoin testing critical support at $0.460.
In conclusion, the XRP price action is currently uncertain, with mixed signals from investors indicating a period of potential consolidation ahead. It is important for investors to conduct their own research and seek professional advice before making any financial decisions.