An affluent XRP investor has acquired a substantial amount of 27.74 million XRP from Binance, suggesting a possible increase in price.
The whale’s extensive resources and long-term market perspective are the reasons behind this assertive purchasing behavior, which is commonly interpreted as a bullish indication.
According to a recent technical study, XRP is expected to have a 20% price surge by July 15th, which offers optimism to investors aiming to profit from their investments.
Nevertheless, there are apprehensions regarding the market’s excessively purchased condition, which could result in a correction if investors liquidate their gains.
The current legal dispute between Ripple and the SEC also significantly affects the future of XRP, causing predictions to be fundamentally unclear.
The recent price movement of XRP has created a perplexing situation for technical experts. From a positive perspective, there has been a notable surge in Futures Open Interest (OI) and derivatives volume, indicating a rise in investor participation.
Nevertheless, the RSI reading, which is currently near 35 and indicates that the asset has been sold excessively, implies that a correction may be imminent.
This might potentially contradict the anticipated price surge. Investors are currently faced with a confusing and uncertain market atmosphere, as they try to make sense of conflicting signals.
Recently, Ripple, the company behind XRP has initiated the XRPL Japan and Korea Fund with the intention of fostering blockchain innovation in the countries of Japan and South Korea.
