The recent price performance of XRP has left investors disappointed as the altcoin has been in a downward trend since the beginning of this month. From a technical standpoint, there are indications that XRP may be entering a consolidation phase, with mixed sentiments among investors.
Currently, conflicting signals exist among XRP investors. Large holders, known as “whales,” have been actively accumulating XRP, purchasing over 10 billion XRP in the past two days, valued at around $470,000. This accumulation is seen as a potential catalyst for recovery, especially as XRP’s price has been steadily declining.
This uptick in accumulation is seen as a potential catalyst for recovery, especially considering XRP’s steady decline in price.
However, retail investors seem less optimistic, as their online activity has decreased, and their reluctance to engage in trades indicates this sentiment.
The discrepancy between the increase in whale activity and the decrease in retail investor activity, particularly in terms of daily active addresses, indicates a prevalent bearish sentiment among small to medium-sized investors.
Despite the buying activity by major investors, this discrepancy could pose a challenge to the recovery efforts of XRP.
XRP is currently trading at $0.48, slightly above the key support level of $0.473, and may continue to trade sideways amid these conflicting signals.