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XRP whales have amassed over 280 million tokens amid a critical retest of the $3.00 support level, signaling strong investor conviction despite a recent price dip.
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The token’s price surged past $3.00, reaching $3.65 before pulling back to test this breakout level now acting as key support in the market.
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According to COINOTAG sources, traders are closely watching the $3.00 mark as a pivotal point for potential bullish momentum toward a $4.50 target.
XRP whales accumulate 280M tokens as price retests $3.00 support, signaling strong investor confidence amid a 10% dip and potential bullish continuation.
Whale Accumulation Signals Confidence Amid XRP’s $3.00 Support Retest
Recent data reveals that whales and large investors have purchased over 280 million XRP tokens within the past ten days, underscoring a growing belief in the asset’s medium-term upside potential. Despite a notable 10.72% price decline over 24 hours, this accumulation phase suggests strategic positioning by major holders anticipating a rebound. The current price action, hovering around the $3.00 support zone, is critical as it follows a breakout above this multi-month resistance level. Elevated trading volumes exceeding $13 billion in the last day further emphasize strong market participation during this pullback, reflecting a balanced tug-of-war between profit-taking and renewed buying interest.
Price Dynamics: From Breakout to Support Retest
XRP’s recent price trajectory saw it break through the $3.00 resistance barrier, surging to a peak near $3.65 before retreating to retest this breakout level as support. This retest is a common technical pattern that helps validate the strength of the breakout. Should the $3.00 support hold firm, it could pave the way for a renewed upward thrust, potentially targeting the $4.50 range in the near term. Conversely, failure to maintain this support might trigger a deeper correction toward the $1.93 level, which historically provided significant price cushioning. Market analysts emphasize that this juncture is pivotal, with investor sentiment and whale activity likely to dictate the next directional move.
The Crucial Role of the $3.00 Support Level in XRP’s Price Outlook
The $3.00 price point has emerged as a decisive battleground for XRP. Market participants are keenly observing whether this level can sustain the recent breakout momentum. While short-term caution prevails due to the recent price dip, the substantial accumulation by whales lends credence to a bullish scenario if support holds. This dynamic creates a delicate balance between potential rebound and further downside risk. Traders and investors alike should monitor volume trends and order book depth around this level to gauge market conviction. The coming sessions are expected to be highly influential in shaping XRP’s trajectory, with the $3.00 support acting as the fulcrum for future price action.
Conclusion
XRP’s current phase of whale accumulation amid a critical $3.00 support retest highlights a nuanced market environment where strong investor conviction coexists with short-term price volatility. The interplay between these forces will likely determine whether XRP can sustain its breakout and advance toward higher targets or face a corrective pullback. For traders and investors, maintaining vigilance around the $3.00 level and monitoring whale activity will be essential for informed decision-making in the coming weeks.
