XRP is seeing a surge in interest as large-scale investors, known as whales, quietly amass significant amounts of the token, hinting at potential price gains. The latest data shows XRP whales accumulation has reached over $183 million, fueling optimism in the market. With no signs of a sell-off in sight, on-chain metrics are strengthening expectations of a bullish rally for Ripple’s token.
The recent XRP whales accumulation showcases the ongoing confidence whales have in Ripple’s token. According to Santiment, addresses holding between 1 million and 10 million XRP acquired an additional 40 million tokens in just one week. Meanwhile, the larger addresses holding between 10 million and 100 million XRP amassed a staggering 270 million XRP. In total, crypto whales recently acquired 310 million XRP, amounting to $183 million at current market prices.
Whale activity is often seen as an indicator of market sentiment, particularly when such significant volumes are accumulated without the intent to sell. Crypto whales tend to act ahead of major price movements, either in anticipation of a market recovery or in preparation for price hikes. The XRP whales accumulation signals a strong belief that Ripple’s token could be primed for further gains.
Sergey Nazarov, co-founder of Chainlink, noted in a recent interview that whale accumulation typically “precedes a major price shift, especially in highly liquid assets like XRP.”
XRP whales accumulation: No Sell-Off in Sight
Supporting this bullish outlook is data from CryptoQuant, which highlights that XRP whales accumulation is not followed by sell-off activities. The Whale-to-Exchange Transactions metric, which tracks the movement of coins from external wallets to exchanges (often indicating an impending sale), remains at zero. This metric suggests that the whales plan to HODL (Hold On for Dear Life) their XRP rather than sell it off, further reinforcing the confidence in Ripple’s long-term prospects.
For Ripple enthusiasts and investors, this behavior paints a clear picture: XRP’s largest holders are betting on continued upward momentum, suggesting that the token could experience a significant price boost in the near future.
According to Alex Krüger, a renowned cryptocurrency analyst, “When whales accumulate without sending tokens to exchanges, it usually indicates a period of price stability or, in many cases, a bullish breakout. XRP seems poised for a run.”
XRP Price Prediction: What’s Next?
Amidst the ongoing XRP whales accumulation, the token’s price action remains a topic of debate among traders and analysts. As of now, XRP is trading around $0.53, with bulls defending key support levels and forming higher lows. A higher low occurs when a cryptocurrency’s price dip is shallower than the previous drop, suggesting strengthening buying pressure and a continuation of the uptrend.
The XRP whales accumulation has been accompanied by bullish signals in the technical charts. XRP has successfully risen above the Ichimoku cloud, a key technical indicator that signals the start of a bullish trend when the price remains above the cloud. Currently, XRP’s price is forming higher lows (HL), a bullish pattern that signals potential gains ahead.
Based on historical patterns and current data, analysts are setting a target for XRP at $0.64 in the short term. However, this prediction hinges on XRP’s ability to maintain its higher lows and break key resistance levels.
For XRP to capitalize on the whale accumulation and sustain its upward trajectory, several key resistance and support levels need to be closely monitored.
If XRP’s current position breaks through the $0.64 barrier, the next resistance level could propel the token closer to $0.70. On the flip side, failing to maintain the higher lows could see XRP retrace to support levels around $0.51.
Ripple’s native token has historically shown strong performance following periods of accumulation, particularly by whales. This further supports the XRP whales accumulation thesis that the market is preparing for a bullish breakout.
Quinten Francois, co-founder of WeRate, highlights the importance of whale behavior in market recoveries. “When you see whales accumulating during a market rebound, it often means they’re anticipating further price gains across the board. Ripple and XRP are no exception here.”
Moreover, the ongoing legal battles between Ripple and the U.S. SEC have not hindered the XRP whales accumulation, which speaks volumes about the long-term confidence in the token. Many industry insiders believe that once Ripple’s legal issues are resolved, XRP’s price could experience a massive surge, further fueled by whale activities.
The XRP whales accumulation of $183 million worth of tokens presents a compelling case for a bullish breakout in the coming days or weeks. With the lack of whale sell-offs and the broader market recovery, XRP could be on the cusp of new price highs. Analysts are eyeing a target of $0.64, with the potential to break beyond $0.70 if whale support continues.
For now, XRP investors should watch key support and resistance levels while remaining optimistic about the token’s price potential. The XRP whales accumulation signals a strong likelihood of gains, particularly if Ripple can maintain its upward momentum.
As always, investors are encouraged to conduct their own research and consider market volatility before making any investment decisions. Get more from The Bit Gazette.
