Earlier this month, Ripple's XRP price experienced an 18% fall, stabilizing between $0.52 and $0.55 since October 3. Large investors have accumulated around 140 million XRP, valued at $77 million, indicating a potential price rise. Despite this, uncertainty remains about the token's ability to avoid dipping below $0.50.
Addresses holding between 100 million and 1 billion XRP have increased their holdings, a common signal of anticipated price hikes. The positive Funding Rate, suggesting investors' bullish sentiment, supports this outlook. If trends continue, XRP might see its value rise above $0.55.
The $0.52 price level serves as a strong support for XRP, possibly preventing it from falling to $0.50. The Fibonacci indicator shows a potential rebound in price, with increasing buying pressure possibly driving the cryptocurrency's value to $0.60.
However, if XRP fails to hold above $0.52, it could face a drawdown to $0.49. Overall, the recent accumulation and positive Funding Rate create a cautiously optimistic outlook for XRP's price movement.
