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Deep-pocketed XRP investor’s recent buying frenzy has caused waves (pun meant) across the bitcoin community. With an apparently insatiable XRP hunger, this whale has scooped up almost 27 million coins, fueling rumours of a possible price explosion. Still, the general state of the market is unclear, which leaves investors negotiating a sea of contradicting signals.
XRP Whales Bet Big On Coin’s Future
Whale Alert, the on-chain transaction tracker, recorded a notable purchase by a known XRP whale. Identified by a mysterious wallet address, this investor sucked out 27.74 million XRP from Binance. Valued at around $13 million, this large buy adds to an increasing collection by the same whale, who has been gathering XRP during recent market declines.
Many times, this aggressive purchasing behaviour is taken as a positive indication. Whales are thought to have a long-term perspective and a sharp awareness of the market given their great resources. Their eagerness to make large XRP investments—even during a gloomy phase—indicates faith in the asset’s future expansion ability.
Technical Indicators Paint A Sunny Picture
Recent technical study projecting a 20% price rise for XRP by July 15th fuels the hopeful fire. Although it is not a guarantee, this projection offers investors looking for a return on their XRP hope. Having a low price volatility and a high percentage of positive days over the previous month, XRP has also shown relative stability when compared to other cryptocurrencies.
On closer inspection, though, one finds some storm clouds on approach. Measuring investor mood, the Fear & Greed Index finds present alarming “extreme greed.” This implies the market may be overbought, which would cause a fall if investors sell their gains.
The oversold RSI reading now lingering close to 35 challenges the positive story, though. This implies in conventional technical analysis that the asset might be due for a correction, hence perhaps contradicting the expected price rise.
The present state of XRP is a typical example of contradicting signals. While the Fear & Greed Index and the SEC lawsuit present a more wary image, the whale’s purchasing frenzy and the technical analysis present a positive story.
Featured image from Human Services-UC Davis, chart from TradingView
