Usman Salis
XRP (XRP) is witnessing strong accumulation by whales, who have invested $730 million to support the ongoing rally. This large-scale buying signals confidence in XRP’s long-term growth potential.
XRP (XRP) Whales Fuel Buying Frenzy
XRP has recovered remarkably after its recent dip, driven by heavy accumulation from major investors. Large holders, known as whales, have significantly increased their XRP reserves, indicating strong bullish sentiment.
XRP (XRP) Whales Accumulate 270M Tokens
On-chain data reveals that wallets holding between 10 million and 100 million XRP have collectively purchased approximately 270 million tokens over the past week. This accumulation, worth around $730 million, reflects growing confidence in the future price trajectory of XRP.
Historically, whale activity has played a crucial role in influencing XRP’s price movements. As large investors continue to accumulate, the bullish momentum is likely to strengthen, potentially pushing the token higher in the coming days.
Market Sentiment for XRP (XRP) Turns Positive
For the first time in a month, the overall market sentiment surrounding XRP has shifted toward optimism. Previously, cautious investor behavior had kept the sentiment bearish, but the recent accumulation and positive market outlook indicate rising confidence. A surge in buying pressure could attract more traders to the market, reinforcing the ongoing uptrend.
XRP (XRP) Eyes Breakout Above $3
Currently, XRP is attempting to solidify the $2.70 level as support, a key factor for further bullish movement. If the asset successfully breaks through the $2.95 resistance and establishes it as a new support level, the rally could gain additional confirmation.
In the short term, XRP’s price action is influenced by the formation of an ascending wedge pattern. While this structure can be bearish in the long run, it often signals a short-term bullish breakout. If XRP surpasses its all-time high of $3.40, it could trigger a sustained rally, pushing the price to new highs.
However, if XRP fails to maintain support at $2.70, it risks a decline toward $2.33. Such a drop could invalidate the current bullish setup and delay the anticipated price recovery.
With strong whale support and shifting market sentiment, XRP remains at a critical juncture. Investors will closely monitor whether the token can break key resistance levels and sustain its upward momentum.
Usman Salis
