Whales Buy $400M Worth of XRP in 48 Hours – Price Not Responding

Big investors, known as whales, have recently taken significant steps in the world of XRP, purchasing over $400 million worth of the digital asset within just 48 hours. Despite these large acquisitions, the price of XRP is struggling to surpass the critical resistance level of $2.60. This stagnant price movement raises questions about what is hindering Ripple’s progress.

Over the past six months, Ripple has witnessed remarkable growth in its price. It has achieved an all-time high and reclaimed its position as the third most valuable cryptocurrency. Many attribute this success to various key developments related to the altcoin. One of the most significant factors contributing to Ripple’s surge was winning a legal battle against the SEC and the supportive stance of the pro-crypto administration led by Trump.

Recent positive news, such as the SEC filing for a Ripple ETF and the increase in new wallet addresses purchasing XRP following Gensler’s departure from the SEC, have bolstered confidence in the coin. Despite facing a market crash triggered by inflation concerns, Ripple managed to maintain its stability.

In a recent turn of events, reports have emerged detailing massive purchases of XRP by whales, amounting to 150 million tokens valued at more than $400 million in the span of two days. Additionally, former President Trump shared an article about Ripple on his TruthSocial platform, reflecting his continued support for cryptocurrencies. Historically, such endorsements from prominent figures like Trump have had a positive impact on XRP prices.

Despite these bullish indicators, XRP’s price has not seen significant movements in recent times. Two primary factors are believed to be contributing to this lack of momentum. Firstly, the overall market sentiment remains bearish, dampening any potential upward price swings. Secondly, excitement surrounding the potential approval of a Ripple ETF has dwindled, with the likelihood of approval before the August deadline decreasing to 44% according to Polymarkets’ data.

Looking ahead, analysts are optimistic about XRP’s long-term prospects, with many predicting that the coin could surpass the $10 mark by the end of the year. However, in the short term, XRP’s price is expected to remain unstable. Breaking through the current resistance level at $2.60 could pave the way for further gains, potentially leading XRP towards the next resistance level at $3.1.

Overall, while recent whale activity and positive endorsements from influential figures like Trump have raised expectations for XRP, external market factors and regulatory uncertainties continue to pose challenges to Ripple’s price growth. Investors are advised to closely monitor developments in the cryptocurrency space to capitalize on potential opportunities.