In the world of cryptocurrency, XRP, Ripple Labs’ native token, has captured the attention of many investors and analysts. Over the past week, the token has been consolidating within a narrow range. This consolidation occurs amidst a backdrop of market uncertainty, yet it has not deterred crypto whales and long-term holders from expressing strong interest in XRP. According to on-chain analytics firm Santiment, a notable bullish price action pattern has emerged, sparking increased interest.
Crypto Whales Add Over $1 Billion Worth of XRP
Despite the token’s price remaining within a tight range, data has revealed a significant trend: whales and long-term holders are capitalizing on this period to amass substantial quantities of XRP. Investors, particularly those holding between 100 million and 1 billion XRP tokens, have reportedly added an impressive 590 million XRP to their portfolios, valued at approximately $1.29 billion. This accumulation brings the total held by these whales to around 8.91 billion XRP tokens.
Such substantial investments underscore the confidence and interest of long-term investors and crypto whales in XRP. This noteworthy acquisition trend not only reduces selling pressure but also hints at the potential for an upside rally, marking an attractive entry point for buyers. However, even with these accumulations, the price of XRP has remained largely unchanged, maintaining a neutral stance. Nonetheless, a bullish pattern has been identified on its daily chart, suggesting possible future movements.
XRP Technical Analysis and Upcoming Levels
Delving into the technical aspects, expert analysis suggests that XRP is currently forming a bullish flag-and-pole price action pattern on the daily time frame. However, the token is experiencing challenges in breaching this pattern. If XRP manages to break out from this formation and closes a daily candle above the $2.50 threshold, there is a strong possibility that it could surge by 80%, potentially reaching the $4.50 mark in the near future.
On a positive note, XRP’s Relative Strength Index (RSI) currently stands at 62. This figure, being below the overbought zone, indicates that the asset still has ample room for further rallies, providing a favorable outlook for investors.
XRP Price Momentum
At the time of writing, XRP is trading close to $2.41, having experienced a minor price decline of 0.52% over the past 24 hours. Interestingly, during this same period, its trading volume has seen a 5% increase. This rise in trading activity highlights growing participation from traders and investors, reflecting a bullish sentiment surrounding XRP’s future trajectory.
As the market continues to evolve, keeping an eye on these movements and trends will be crucial for investors looking to capitalize on XRP’s potential. With the right technical indicators and market conditions, XRP could be poised for significant growth.
