• XRP entered a possible accumulation zone after previously lending favor to the bears.
• On-chain metrics didn’t particularly lean towards recovery, but whales showed signs of accumulation.
• Low whale participation could be indicative of lack of bullish momentum in the market.
XRP Enters Possible Accumulation Zone
XRP recently soared after Ripple’s win against the SEC, but has since given up roughly half of its gains achieved on that day. The altcoin is now entering a possible accumulation zone and assessing whale activity will help determine its price outcome this week. XRP peaked at $0.94 on 13 June, but has since dropped and recently bottomed out at $0.59, representing a 36% dip from its current 30-day high to its recent low. XRP exchanged hands at $0.63 at the time of writing, which represented a 2.61% upside in the last 24 hours and could signify that bears are losing momentum while bulls attempt to regain control over price action.
Assessing Whale Activity
Analyzing whale activity in determining XRP’s price outcome is key this week as it may indicate whether or not bulls could regain control and become the driving force behind future price movements. However, judging by XRP’s on-chain metrics, it doesn’t appear as though there is much confidence in regards to bullish expectations gaining momentum any time soon as network activity dipped in the last five days and was closer to lowest levels seen in four weeks as well as an overall lack of excitement regarding on-chain volume levels .
Low Whale Participation
The low whale participation could be indicative of a lack of bullish momentum taking place in the market currently; however, some signs point towards potential accumulation happening at this stage with both money flow index (MFI) registering some liquidity inflows briefly being oversold before bouncing back above 50-day moving average near 0.623 Fibonacci retracement line as well as RSI not being oversold by considerable margin – all hinting towards possibility that bulls may regain control if enough accumulation takes place right now .
Regaining Control?
Whether or not XRP’s bulls can regain control remains uncertain for now; however, what is certain is that if they are able to do so then they could be the driving force behind future upwards movements for cryptocurrency during 2023 & 2024 period – especially considering current level large number investors who bought into project prior judicial ruling against SEC late 2021 .
Conclusion
It appears that there are signs pointing towards potential accumulation happening within XRP markets currently which might suggest that bulls have regained their footing and looking gain upper hand once again; however only time will tell whether or not this will actually happen & if so how long it will remain such case .