Ripple's Price Stabilizes Around $0.50
Ripple's (XRP) price has consolidated around the $0.50 mark, but key on-chain indicators point towards an impending rally.
Whales Stock Up On XRP
Recent data shows that crypto whales have purchased 690 million XRP tokens in just two months. This comes after Ripple's price dropped by 40% from its peak value of $0.83. As the asset dipped below $0.70, whales resumed their accumulation.
Could BlackRock Interest Fuel a Rally?
Speculations have emerged that BlackRock, an American investment giant with over $9 trillion in assets under management, is showing interest in XRP. This could serve as a catalyst for a new rally.
RSI Indicates Possible Trend Reversal
The Relative Strength Index (RSI) also hints at a potential trend reversal. As of September 15, the RSI level reached 40.88, rising above the critical mark of 30.
Price Forecast: Next Target at $0.55
XRP has previously failed to break the $0.55 resistance level. With the rising interest from whales, holders might aim for a rally up to $0.60. However, significant resistance could be met at around $0.54.
In Case of a Dip...
If the price falls below $0.50, bears could take control. But considering that Ripple investors rarely lock in losses exceeding 10%, selling might stop around $0.45.
Given the large-scale accumulation by whales and the rising RSI, the stage seems set for Ripple to make some bullish moves. However, the $0.55 and $0.60 marks will be crucial resistance points that need to be conquered for a significant uptrend.
Stay tuned as we keep an eye on these developments in the Ripple ecosystem.