Ripple token, XRP is now consistently hovering at $3.15 since the opening of the week, the positive trend occurred after the market adjusted to the massive ‘profit-taking’ activity last week, coinciding with the sale of around 50 billion tokens by Chris Larsen.
At mid-Asian session, XRP price was stable at $3.16, up 1.24% since it opened at the beginning of trading on Tuesday.
Analysts are now looking at several important support levels that need to be defended to ensure the positive trend continues.
There are several indicators that indicate the price of XRP may continue to rise.
One of the key indicators is Santiment Supply Distribution data, which shows a consistent increase in holdings by entities holding between 10 million and 100 million XRP.
The move comes as ‘Whales’ have not sold their holdings amid last week’s sharp decline to $2.95, but they have added to their XRP holdings, fueling hopes of a positive pullback ahead.
More importantly, this accumulation by large entities has eased selling pressure, helping to create a price support level that could entice retail investors to participate.
XRP has also performed well, up over 30% against Bitcoin (BTC) over the past 30 days.
Data also shows that the number of new XRPL addresses reached 11,000 on July 18, with the daily average remaining high at around 7,500 new addresses since then.
