What Next As XRP Whales Accumulate $1.29 Billion Tokens?
Large XRP investors known as “whales” have been actively accumulating the cryptocurrency during a phase of price consolidation and increasing bearish sentiment.
This accumulation reflects the continued confidence of major holders in XRP’s long-term potential. This trend could set the stage for a breakout that could allow XRP to reach multi-year highs of $2.90.
XRP whales fill their bags
In the past week, XRP range-bound. Its price met resistance at $2.62 and found support at $2.20. As of writing, the altcoin is trading at $2.34, hovering above this key support level.
XRP’s sideways movement and waning bullish sentiment have prompted some large investors to hold on to XRP 100 million and 1 billion XRP tokens Seize the opportunity to accumulate large amounts of cryptocurrency.
According to Santiment, this group of investors has collectively amassed approximately 590 million XRP over the past seven days, equivalent to a value of approximately $1.29 billion. Currently, this group of XRP investors holds 8.91 billion tokens.
This trend of whale accumulation indicates strong confidence in the future price of XRP. As large holders accumulate more XRP, it could put upward pressure on the market, which could lead to higher prices as small investors react to this activity.
Despite XRP’s limited price action, derivatives traders remain optimistic about a rebound, as evidenced by the altcoin’s positive funding rate, which currently stands at 0.008%.
Funding rates represent periodic fees exchanged between traders to keep contract prices consistent with spot prices. Positive funding rates indicate that long position holders are paying short position holders, reflecting a bullish bias in the market.
XRP Price Prediction: Why Accumulation Must Continue
XRP is trading at $2.34, just above the $2.20 support. If retail investors increase their accumulation, the price may rise towards the $2.62 resistance level. If it manages to break above this level, XRP could rise to $2.90, the 2018 high.
However, if whale accumulation diminishes and bearish sentiment strengthens, The price of XRP will break through It was below $2.20 and dropped to $1.95.
Disclaimer
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