Here’s XRP’s new support to watch after whales acquire 340 million tokens

As XRP struggles to reclaim the $3 resistance zone, the asset has received a major boost from whales, a notable vote of confidence amid the current bearish market sentiment. Specifically, on-chain data revealed that whales accumulated more than 340 million XRP in the past two weeks, according to cryptocurrency analyst Ali Martinez’s August 31 X ￰0￱ surge in buying suggests that deep-pocketed investors are positioning themselves for a potential rebound despite the token’s recent price ￰1￱ whale transactions.) ￰2￱ approved, the product would likely usher in institutional capital ￰3￱ the conclusion of the Ripple and Securities Exchange Commission (SEC) case, several major asset managers, including Grayscale, Bitwise, CoinShares, and WisdomTree, updated their filings for proposed spot XRP ￰4￱ view the cluster of submissions as a positive step, though approval has not yet been ￰5￱ price analysis By press time, XRP was trading at $2.82, having rallied about 1% in the last 24 ￰6￱ the weekly timeline, the asset is down 6.2%.

XRP seven-day price chart.) of $3.11, indicating short-term weakness; however, it remains above the 200-day SMA of $1.98, which maintains a bullish long-term trend. Meanwhile, XRP’s 14-day relative strength index ( RSI ) stands at 41.77, indicating a fading of momentum and a slight oversold ￰7￱ image via Shutterstock