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XRP Buy Signal! Whales Acquire 590 Million Tokens
The cryptocurrency market has been witnessing a lot of volatility lately, and the recent developments in the XRP space have caught the attention of many investors. According to the latest data from Santiment, crypto whales and long-term holders have begun accumulating massive amounts of XRP tokens.
As reported by Santiment, these large-scale investors have acquired an astonishing 590 million XRP tokens worth a staggering $1.29 billion in the past few days. It’s essential to note that these buyers are not small-scale traders but rather institutional investors and sophisticated traders who have been consistently profitable in their investment decisions.
This significant accumulation of XRP tokens is a clear indication that whales and long-term holders are extremely bullish on the coin’s future prospects. The data also reveals that these large-scale investors collectively hold an enormous 8.91 billion XRP tokens, which is substantial compared to other cryptocurrencies.
Despite the XRP price being stuck in a tight range for over a week, this recent surge of interest could be seen as a buy signal by many experts and traders alike. This accumulation of tokens can significantly reduce selling pressure and increase the chances of an upward rally.
Moreover, technical analysis suggests that XRP is currently forming a bullish flag-and-pole price action pattern on its daily chart. If the asset breaks out of this formation and closes above $2.50, it could potentially skyrocket by 80% to reach the $4.50 level in the coming days.
It’s worth noting that RSI (Relative Strength Index) currently stands at a relatively low 62, indicating that there is still room for XRP to rally further without entering the overbought zone.
At press time, the price of XRP is trading near $2.41 and has experienced a moderate increase in trading volume by 5% within the past 24 hours. This sudden rise in participation from traders and investors could be seen as a vote of confidence for XRP’s future prospects.
The recent accumulation by institutional investors and long-term holders presents a compelling buy signal that warrants attention from traders and investors alike.
Source: coinpedia.org
