Analysts said that XRP can reclaim the $3 support if the buying pressure sustains.
XRP price has recorded marginal losses in the daily chart, as the broader crypto market stayed near the flatline today. While BTC price stayed on the positive side of the line, most of the top altcoins have witnessed slight losses, indicating a cautious stance of traders.
Notably, it appears that the “Uptober” sentiment has faded, especially amid the US-China trade war tensions. The broader digital assets space has gone through a highly volatile path this month, wiping out much of the robust gains it recorded at the start of October.
Ripple coin was no exception, as evidenced by its sharp decline from the $3.10 level to as low as $1.5 mark. This crash has also spooked the market participants, with whales or large investors staying on the sidelines.
However, it seems that the Ripple whales are regaining their confidence in XRP price, as evidenced by the latest on-chain data. On the other hand, market pundits have also highlighted key levels to watch ahead that may decide the future path of the asset.
Ripple coin price has lost around 0.6% today and stayed near the $2.4 support, but its one-day volume soared 9% to $5.06 billion. This indicates that the trading activity has gained momentum, which could further help in a surge in XRP price.
It’s worth noting that the technical indicators also hint at a likely surge ahead. For context, the Relative Strength Index (RSI) of the asset was at 41, indicating further room for the asset to move towards the north side.
However, CoinGlass data showed that the XRP Futures Open Interest fell more than 2% to $3.78 billion. Considering that, the investors are moving cautiously amid the ongoing volatile scenario in the market.
Meanwhile, the crypto has touched a 24-hour high of $2.53. The latest breach of the $2.5 mark could be attributed to the renewed bets from the large investors, also known as whales.
According to market expert Ali Martinez, the Ripple whales have bagged 30 million coins recently. If the whales continue to maintain the buying pressure, it could significantly boost XRP price in the near future.
The whale bets have initially helped in a surge in XRP price, but the momentum was short-lived. Despite that, it seems that the market pundits remain optimistic about the long-term trajectory of the asset.
For context, analyst EGRAG CRYPTO noted that if Ripple coin can flip the resistance zone between $2.65 and $2.7 into a support, it could trigger a massive rally in the asset’s value.
In a separate chart, he has highlighted $2.4 as a key support for the crypto. According to his chart, if XRP price can maintain the support, the next major target lies at $3.22.
Echoing a similar sentiment, analyst CRYPTOWZRD noted that XRP faces major resistance at $2.75. He noted that a successful breach of the wall could ignite a massive rally for the crypto to $3.15.
However, the latest movement of the crypto showed that it has struggled to hold above the $2.5 support in recent days. Considering that, if the volatile scenario continues to sustain, the anticipated rally in XRP price could be delayed.
So, investors should exercise caution while putting their bets amid the looming uncertainties in the market. While the Ripple whale bets continue to boost sentiment, any geopolitical or macroeconomic news could trigger another selloff in the broader market.
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