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XRP Buy Signal! Whales Acquire 590 Million Tokens
Ripple’s native token, XRP, has been observing a narrow consolidation phase for over a week now. Amidst the uncertainty in the crypto market, a notable development has emerged that may spark renewed interest in this altcoin: whales and long-term investors are acquiring massive amounts of XRP.
According to an insightful report by Santiment, a leading on-chain analytics firm, these institutional players have been quietly accumulating tokens. The data reveals that entities holding between 100 million and 1 billion XRP tokens have collectively added an astonishing 590 million XRP worth $1.29 billion to their portfolios.
What’s more remarkable is the sheer scale of this accumulation. This whale activity translates to a collective holding of 8.91 billion XRP tokens among these large investors. It appears that they are taking a cue from the recent price action and accumulating the asset instead of selling.
This substantial buying pressure should alleviate any selling pressure on XRP, potentially paving the way for an upward trajectory in its price. Furthermore, if we can consider this accumulation as a “buy signal,” it would be a strong indication of long-term investor confidence in the project’s prospects.
The technical analysis is also offering some encouraging signs. The daily chart shows the formation of a bullish flag-and-pole pattern, which often precedes a significant upswing. If XRP breaks above the $2.50 level and closes the daily candle above it, an 80% price surge to reach the $4.50 mark in the near term may not be out of question.
Additionally, the Relative Strength Index (RSI) is currently trading at 62, which indicates that there’s still ample room for XRP to rally further. This could mean that the asset has yet to exhaust its upward potential and may require a period of consolidation before it can make the next leg higher.
In light of this fresh buying activity and the technical outlook, traders may be wise to re-examine their positions on XRP. The recent increase in trading volume by 5% within the past day also suggests growing participation from market participants.
Source: coinpedia.org
