XRP trades above $0.60, Ripple whales shed token holdings

• Ripple whales holding between 1 million and 10 million XRP tokens slightly decreased their holdings between August 22 and 23. 
• XRP retail traders holding less than 1,000 tokens accumulated the asset, while whales dropped their assets. 
• XRP hovers around $0.60 at the time of writing, likely to extend gains by nearly 10%. 

Ripple (XRP) trades close to $0.60, a key psychological level for the altcoin. Ripple whales shed their holdings while retail investors accumulate the altcoin. 

The cross border payment remittance firm recently announced its annual flagship event, Swell 2024, is scheduled to occur between October 15 and 16 in Miami, Florida. 

Daily digest market movers: Ripple whale holdings slightly dip, retail traders scoop up XRP

• On-chain data intelligence tracker Santiment shows that Ripple whale wallets holding between 1 million and 10 million XRP tokens have shed their assets slightly between August 22 and 23. 
• In the same time frame, wallets holding less than 1,000 tokens accumulated the altcoin, per Santiment data. 

XRP supply distribution 

• Typically, when whales distribute their holdings, it increases selling pressure on the asset. However retail traders are scooping up XRP, per on-chain data. 
• Ripple announced its annual flagship Swell 2024 event. The event is scheduled for October 15 and 16, 2024. 

Technical analysis: XRP could extend gains by nearly 10%

Ripple trades at $0.6010 at the time of writing. The altcoin is likely to extend gains by nearly 10% and hit $0.6602, the 50% Fibonacci retracement of the decline from the July 13 peak at $0.9380 to the July 5 low of $0.3823. 

The Moving Average Convergence Divergence (MACD) indicator shows that there is underlying positive momentum in the XRP price trend. 

XRP/USDT daily chart

XRP could find support in the Fair Value Gap (FVG) between $0.5845 and $0.5875, seen in the XRP/USDT chart above.