XRP Price Prediction for Today (March 16) as Ripple Whales Go on a Buying Spree

The XRP price has had a pretty slow weekend as it's down 1.2% in the last 24 hours, now trading at $2.37. However, when we look at the weekly timeframe, XRP actually had a much better week than other major altcoins.

The price of XRP has been relatively slow over the weekend as it is down by 1.2% over the last 24 hours, at the time of writing, trading at $2.37. However, on the weekly time-frame, XRP has actually performed much better than other major altcoins.

For instance, on the chart by Ethereum World News, ETH is down by 11% and DOGE is in the red by 8%, while XRP has actually managed to add 1.85%, which is likely due to the fact that there are still very strong rumors in the crypto community, and particularly in the Ripple community, that the SEC could drop the case against Ripple.

However, it’s highly unlikely that the case will be closed today or even in the next few days, but we could still see some interesting developments in the coming days.

Ali Martinez has shared some positive news for XRP holders this morning as he shared some data on some large investors who have been scooping up more XRP.

According to the crypto analyst, whales, who are known to hold amounts between 100 million to 1 billion XRP, have bought about 150 million XRP in just two days.

“Whales have bought over 150M $XRP in the last 48 hours!”

As seen in the chart shared by Martinez, the price of XRP dropped slightly but then started to recover as these large investors bought more of the cryptocurrency. This suggests that these whales might be helping to support the price of XRP or that they are scooping up more of the altcoin because they expect the uptrend to continue soon.

This buying trend by whales became more obvious on March 12-13 and it seems to be continuing today as these large investors are accumulating more and more XRP.

Whenever whales buy this much of an asset, it usually means that they are very confident in its future, which could lead to an increase in price, especially if smaller investors follow suit. However, it could also just mean that these large investors are adjusting their portfolios.

Related Reading: Experts Predicts XRP Price Will Hit ‘Double Digits This Cycle, Triple Digits Next’ – Here’s Why

Will RSI Present A Clear Signal For XRP Today?

The RSI on the daily chart of XRP is currently at 49, which means that XRP is trading in the middle ground—it’s neither overbought nor oversold.

Usually, when RSI trades above 70, it indicates that the coin is overbought, which could mean that the uptrend is burning out and the crypto is due for a correction. Meanwhile, RSI below 30 presents an oversold signal, which suggests that the bears are getting exhausted and the crypto could soon reverse up.

However, XRP is trading in the middle ground, so traders won’t get a clear buy or sell signal from this indicator.

The Ultimate Oscillator at 48.6 also stands testament to this neutral position. This indicator, which considers multiple time-frames, suggests that the buying and selling pressures are roughly equal right now. A reading above 70 is bullish, while an indicator reading below 30 suggests an oversold condition.

The MACD is currently at -0.075, which shows that there’s still slightly more bearish momentum in the short-term as the MACD line is still below the zero value. However, the number is still very small and the bearish signal isn’t very strong. A MACD value above zero presents a stronger buy signal.

The CCI is currently at 10.67, which indicates that XRP is trading a bit higher than its average price over the last 14 days. While this is a positive sign, the small number of 10.67 suggests that the upward momentum isn’t very strong yet. A reading above 100 signals that the price has moved significantly over the last 14 days.

Considering these indicators and the recent activity of XRP whales, the price of XRP is likely to trade in the range of $2.30 to $2.45 today, March 16.

The recent buying activity of whales provides some support against further drops from the current price. However, the technical indicators suggest that a major breakout is unlikely to come today as the RSI and Ultimate Oscillator are still in the mid-point of their own ranges.

If the whales continue to buy and the market mood improves, then we could see the price of XRP testing the upper boundary of this range and potentially even reaching $2.50-2.55. But unless there’s a major development, expect the price of XRP to trade sideways and remain within this range.