Summary
- Recently, XRP (XRP) has been in a short-term downtrend, but whale investors are actively buying.
- The reporter said the continued buying movement of whales suggests the formation of a bottom for XRP and that they are preparing for a future uptrend.
- Also, the XRP spot market CVD indicator has shifted to buy dominance, which is described as a positive signal supporting the possibility of a price increase.
Recently, XRP (XRP) has continued to show weakness, but whale investors have been continuing to buy in the down market.
On the 12th (Korean time), CryptoQuant contributor 'CW8900' analyzed in a report, "Recently, XRP's price has shown a short-term downward trend and is approaching the year's low, but even during price declines whales are actively trading XRP and are not stopping market participation."
This market sentiment is said to indicate a bottom for XRP. The contributor said, "This pattern generally appears often in a bottom formation phase," adding, "Whales tend not to buy after an uptrend is in full swing, but tend to accumulate in advance during periods when the price is suppressed." He added, "The current active buying movement suggests whales are preparing for a future upward phase of XRP."
The contributor also emphasized, "The XRP spot market CVD indicator has shifted to a buy-dominant flow," saying, "This means buy-side pressure based on market prices is gradually strengthening and is interpreted as a positive signal supporting the possibility of XRP price increases."
As of 5:11 PM, XRP is trading at $2.03, up 1.53% from the previous day on CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
