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XRP's price surged in July but has fallen sharply in the last two days. It went from $0.38 to $0.63, then down to $0.55.
Despite the recent drop, XRP is still up 18% on the weekly timeframe.
According to Santiment, there has been a surge in whale activity, with whales accumulating XRP.
Analysts like Dark Defender predict a short-term dip to around $0.499, followed by a rise to $0.87 and potentially $1.
The future for XRP appears bright, especially if the SEC case is resolved this month.
After a quiet and almost dull price action through most of the year, XRP has been especially hot in July, after its two-week rally by more than 65% from 5 to 17 July.
This rally pushed the cryptocurrency straight up from around $0.38 to $0.63, giving it a market cap of around $55.7 billion and an average daily trading volume of around $2.6 billion.
XRP was no joke between last week and the one before.
However, today, this impressive growth rate has now been followed by a disappointing correction, leading the cryptocurrency down by nearly half in the last two days.
CoinMarketCap data shows that XRP is down by around 5% on the daily timeframe and by 14% from its $0.63 peak but is still bullish on the weekly timeframe, with an 18% rally still intact.
Considering how the weekly price gain used to be 65%, XRP's meagre 18% in this timeframe is a worrying sign for investors, particularly those who bought around the top.
XRP’s price action
Interestingly, though, XRP has been through some pretty significant whale transactions lately.
Santiment, in a recent tweet, reported that the XRP ledger is seeing a massive uptick in the number of whale transactions recently.
Santiment Tweet
Keep in mind that the "whales", in this case, are the XRP holders with more than 100,000 XRP tokens.
The on-chain intelligence platform reports that this cohort has accumulated around 52 billion XRP.
Moreover, over the last few days alone, they have raked in over 130 million XRP from various crypto exchanges, including Binance, Bitso, Bitstamp, and Upbit.
This surge in whale activity might have contributed to more FOMO around the smaller traders on the network, with new addresses on the XRP ledger hitting their highest point since March.
According to the charts, XRP has deleted nearly half of its progress over the last two days and now trades at around $0.55.
XRP’s price action
The $0.55 price level is a strong one, as shown above. It kept the cryptocurrency down for three months, between April and the current month, before the breakout on 13 July.
Analyst Dark Defender sees an "ABC wave" that can last for around 2 days and "maybe" take XRP as low as $0.499.
However, after this retest, the cryptocurrency is bound to continue upwards and hit a minor resistance at $0.87 before $1.03.
Overall, XRP seems determined to hit the $1 resistance soon.
Combined with the possible closure of the Ripple versus SEC case this month, the future for XRP remains bright.
That said, if XRP can hold itself between $0.55 and the $0.499 support that Dark Defender mentions, we should see an upswing take the market by storm soon.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.