XRP Buy Signal! Whales Acquire 590 Million Tokens
Ripple Labs’ native token XRP appears to have been consolidating in a tight range for more than a week. Amid this consolidation and market uncertainty, crypto whales and long-term holders have shown strong interest in altcoins after forming a bullish price action pattern, reports on-chain analytics firm saint.
Crypto whales add over $1 billion worth of XRP
Although the price remains in a tight range, data shows that whales and long-term holders seized the opportunity and accumulated large amounts of the token. Investors holding between 100 million and 1 billion XRP tokens have reportedly accumulated an additional 590 million XRP, worth $1.29 billion. Furthermore, data shows that these whales hold a total of 8.91 billion XRP tokens.
The massive accumulation of XRP tokens demonstrates the interest and confidence of long-term investors and crypto whales. This noteworthy acquisition reduces selling pressure, hints at a potential upside rebound, and suggests an ideal buying opportunity.
However, despite these accumulations, XRP price remains neutral with no major price changes observed, although it formed a bullish pattern on the daily chart.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, Ripple A bullish flagpole price action pattern appears to be forming on the daily time frame and efforts are currently underway to break out of the pattern. According to the analysis, if XRP breaks out of this pattern and closes the daily candle above $2.50, it has a high chance of surging 80% to $4.50 levels in the coming days.
On a positive note, XRP’s Relative Strength Index (RSI) currently stands at 62, which is below overbought territory, indicating that the asset still has plenty of room for further upside.
XRP Price Momentum
At press time, XRP was trading close to $2.41, with the price down 0.52% in the past 24 hours. Its trading volume increased by 5% during the same period, indicating increasing participation from traders and investors amid the bullish outlook for XRP.
