Ripple XRP has surpassed key resistance levels, driven by significant whale accumulation.
- XRP maintained the $0.6 price level. XRP’s MVRV ratio exceeded 12%, signaling profitable holders and potential for a market correction.
Following significant whale accumulation, Ripple’s [XRP] has recently surpassed important resistance levels.
Large holders have been purchasing substantial amounts of XRP before the recent price spikes, and short-term Market Value to Realized Value (MVRV) data shows these investors are currently sitting on substantial profits.
Ripple whales accumulate millions of XRP in days
A recent analysis of whale addresses holding between 100 million and 1 billion Ripple reveals a surge in accumulation over the past few days.
These addresses have added close to 500 million XRP over the last ten days, a haul worth over $330 million at the current market price.
Source: Santiment
Additionally, Santiment data shows that XRP is now the second-highest trending cryptocurrency, with over 55% positive sentiment.
This surge in attention is likely due to the price rally XRP has experienced in the past three days, during which it has consistently been among the top trending coins.
XRP breaks key resistance levels
XRP saw significant price movement, breaking past its previous resistance levels of $0.58 and $0.57, which had become stronger support zones.
Over the past three days, XRP has climbed by more than 7%, according to price analysis tools.
Source: TradingView
XRP was trading around $0.65, marking its first retest of this level since March.
However, it’s uncertain whether it can maintain this momentum and push beyond the $0.6 resistance level, as XRP has historically pulled back after hitting this point.
Ripple holders see profits as MVRV rises
Ripple’s 30-day MVRV ratio has been above zero since the 12th of September, indicating that holders have been in profit.
However, around the 27th of September, the MVRV surged from 3.7% to over 12% and currently stands at 12.53%.
Source: Santiment
This spike in MVRV suggests that many XRP holders, especially whale addresses, are sitting on significant profits. While this signals overvaluation in the short term, it also raises the possibility of a market correction soon.
However, whales and short-term holders have already capitalized on their accumulation during the price rise.
Read Ripple’s [XRP] Price Prediction 2024-25
Ripple’s recent price surge has been supported by substantial whale activity and breaking key resistance levels, pushing XRP to retest its highest price since March.
However, with the MVRV ratio showing potential overvaluation, the market could see some volatility ahead.
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