Whale Accumulation Increased... XRP Faces Risk of $1.05 Support Line Collapse

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XRP's holdings in whale wallets increased to 11.98%, but it failed to break through the $1.1 resistance, continuing its technical weakness.

According to crypto media outlet FXStreet on August 4 (local time), XRP declined for two consecutive days. It showed a narrow trading range between $1, where buying interest flowed in, and $1.1, where resistance formed.

According to Santiment data, the proportion of wallets holding between 100 million and 1 billion XRP rose from 10.66% on August 1 to 11.98% on August 4. XRP Ledger active addresses increased to approximately 37,000 on August 3, then recorded approximately 17,000 on August 4.

XRP traded below its 50-day Exponential Moving Average (EMA) at $1.12 and the middle Bollinger Band at $1.09. The 100-day EMA was at $1.2, and the 200-day EMA was at $1.39. With all medium-to-long-term moving averages positioned above the current price, the bearish structure continued.

The daily Moving Average Convergence Divergence (MACD) index was slightly below the baseline of 0. The Relative Strength Index (RSI) was 45, not yet entering the oversold zone. Analysis suggests that while selling pressure remains dominant, the pace of decline has not sharply accelerated.

Short-term resistance levels formed in sequence at $1.09, $1.12, and $1.14. Subsequent resistance levels are $1.2 and $1.39. On the downside, $1.05 is the first support level, and if that price is broken, the $1 support level will be tested again.

[Article Summary]

-The proportion of XRP held in whale wallets rose from 10.66% to 11.98%.

-XRP Ledger active addresses increased to approximately 37,000 on August 3.

-XRP is trading below key moving averages and approaching the $1.05 support level.

*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.*