XRP bounces back above key support even as whales clear Ripple holdings

• Ripple whales holding between 1 million and 10 million XRP tokens reduced their holdings slightly between August 22nd and 23rd.
• XRP retailers holding less than 1,000 tokens accumulated the asset, while whales lost their assets.
• XRP is hovering around $0.60 at the time of writing, likely to extend gains by nearly 10%.

Ripple (XRP) is trading near $0.60, a key psychological level for the altcoin. Ripple whales dump shares as retail investors pile up altcoin.

The cross-border remittance firm recently announced that its annual flagship event, Swell 2024, is set to take place October 15-16 in Miami, Florida.

Daily Market Reasons: Ripple Whale Holdings Fall Slightly, Retailers Get XRP

• On-chain data tracker Santiment shows that Ripple wallets with whales holding between 1 million and 10 million XRP tokens slightly lost their assets between August 22nd and 23rd.
• In the same time frame, wallets holding less than 1,000 tokens have accumulated altcoins, according to Santiment data.

XRP Supply Distribution

• Typically, when whales distribute their holdings, it increases the selling pressure on the asset. However, retailers get XRP, on-chain data.
• Ripple has announced its annual flagship event Swell 2024. The event is scheduled for October 15 and 16, 2024.

Technical analysis: XRP could extend gains by almost 10%

Ripple is trading at $0.6010 at the time of writing. The altcoin is likely to extend gains by nearly 10% to reach $0.6602, the 50% Fibonacci retracement of the decline from the July 13 peak at $0.9380 to the July 5 low of $0.3823.

The MACD (Moving Average Convergence Divergence) indicator shows that there is an underlying positive momentum in the XRP price trend.

XRP/USDT Daily Chart

XRP could find support in the Fair Value Gap (FVG) between $0.5845 and $0.5875, seen in the XRP/USDT chart above.