Crypto Whales Accumulate Over $1 Billion in XRP
In recent developments, Ripple Labs’ native token, XRP, has been undergoing a period of consolidation within a confined price range for over a week. This phase of stability has sparked significant interest from crypto whales and long-term investors, despite the prevailing market uncertainties. These key players have been strategically increasing their holdings, as evidenced by the formation of a promising bullish price action pattern, according to the on-chain analytics firm, Santiment.
Data highlights that investors holding between 100 million and 1 billion XRP tokens have collectively added another 590 million XRP to their portfolios, equating to a substantial investment of $1.29 billion. This brings their cumulative holdings to an impressive 8.91 billion XRP tokens. Such substantial acquisitions underscore the confidence and interest of influential market participants, which could potentially ease selling pressures and pave the way for a prospective price surge.
Despite these significant accumulations, the price of XRP remains neutral, showing little movement. However, the formation of a bullish pattern on the daily chart could signal a favorable buying opportunity for those looking to capitalize on future price increases.
XRP Technical Analysis and Future Price Levels
In terms of technical analysis, XRP is demonstrating a bullish flag-and-pole price action pattern on its daily chart. Analysts note that XRP is currently grappling with breaking free from this pattern. Should XRP succeed in breaking out and closing above the $2.50 level, there is a strong potential for the token to rally by 80%, potentially reaching the $4.50 mark in the near future.
Additionally, XRP’s Relative Strength Index (RSI) is registering at 62, a level that remains below the overbought threshold. This indicates that the asset has ample room for further upward movement, suggesting that the current market conditions might support a bullish trajectory.
XRP Price Momentum
As of the latest updates, XRP is trading close to $2.41, reflecting a minor price decline of 0.52% over the past 24 hours. Despite this slight decrease, trading volume has surged by 5%, pointing to growing interest and activity among traders and investors. This uptick in participation is likely driven by the optimistic outlook surrounding XRP’s potential price movements.