The last time XRP whales bought more than 340 million tokens was two weeks ago and occurred mainly when the price dropped to the 2.90 area. This synchronized purchase reflects high-level confidence in XRP to break beyond the existing resistance points.
Important Support and Resistance areas.
Analyst Ali Martinez states that XRP has a very important support area at 2.77. It is necessary to hold this level not to have a pullback to 2.40. With the backing in place, XRP can potentially rise above the level of $2.90, and will be aiming to soar towards the level of 3.70 or even 4.00.
The Move has the Support of Technical Indicators.
The TD Sequential indicator has shown the back-to-back buy signals indicating that the rebound can be predicted. This is the tool that helps identify possible reversals and advises the bullish storyline guided by whales.
Market Environment: Rotation and Recovery.
According to a report by Bitfinex on August 25, there was capital rotation where Bitcoin was sold, and altcoins and Ethereum bought. Ether shook off its woes to touch new highs of over $4,950 on a combination of ETF flows and institutional interest. This trend may be favourable to the rise of XRP.
Brief Suffering, Protracted Expectancy.
XRP and other whales such as ADA, DOGE have lost in the low-single digits in the last week despite recent whale hoarding. The wider altcoin market seems not to be growing. Furthermore, the future outlook provided by Bitfinex on September 1 indicates that the altcoins could be structurally driven in Q4.
ETF Approvals have the potential to speed up growth.
Another piece of bullishness is speculation regarding the approvals of altcoin ETFs, one of which was approved in October and covers XRP. Should it be proven, institutional inflows will trigger XRP into a long-term rally.
