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▲ Ripple (XRP) ©CoinReaders
XRP (Ripple) whales significantly increased their holdings and on-chain participation in the XRP Ledger (XRPL), but the price fell for two consecutive days from $1.07, continuing its technical weakness.
According to investment media FXStreet on August 4 (local time), XRP traded near $1.07 on Tuesday, remaining in a narrow range between the $1 support level and the $1.10 resistance level. Coupled with the overall weakness in the virtual asset market, selling pressure remained dominant in the short term.
However, large holders expanded their accumulation. According to Santiment, the volume held by wallets with 100 million to 1 billion units increased by 1.32 percentage points from 10.66% last Saturday to 11.98% of the total supply. The media analyzed that if whales continue to increase their risk exposure, the increased demand could absorb market selling pressure and support a sustained price recovery.
Active addresses on the XRP Ledger surged to approximately 37,000 on Monday, then recorded about 17,000 on Tuesday. This indicates renewed network participation compared to July 20, when active addresses decreased to about 20,000. It was interpreted that more users interacted with the protocol for sending or receiving as the price approached the key support level of $1.
Technically, XRP is trading below the middle Bollinger Band at $1.09 and the 50-day exponential moving average at $1.12. The 100-day line at $1.20 and the 200-day line at $1.39 are also significantly higher than the current price, supporting an overall bearish structure. The Moving Average Convergence Divergence (MACD) was slightly below the zero line on the daily chart, and the Relative Strength Index (RSI) was at 45, indicating that while not oversold, weak bearish momentum remains.
Upon a rebound, the first resistance level is $1.09, followed by $1.12 and the upper Bollinger Band at $1.14, which must be successively overcome. If these are breached, $1.20 and $1.39 become the next targets. Conversely, if the lower Bollinger Band at $1.05 breaks, the likelihood of further decline increases, and the key psychological support level of $1 could be tested again.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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