Bitrabo Editorial
XRP whales are demonstrating renewed confidence in the XRP token as data reveals a trend of increased accumulation among these major investors. This behavior is significant as XRP aims for the $1 milestone, with these whales potentially influencing a price surge.
XRP Whale Accumulation
Data shared by Crypto analyst Ali Martinez from Santiment’s on-chain analytics platform indicates that XRP whales acquired over 140 million XRP tokens (equivalent to $84 million) in the recent week. This surge in accumulation suggests a growing belief in XRP’s future trajectory and a possibility of a long-awaited rally after six years of consolidation.
The substantial increase in whale holdings could potentially contribute to driving XRP prices to new highs, as these influential investors wield significant market influence. Santiment highlighted a notable rebound in XRP supported by the escalating holdings of XRP whales and sharks with over 100,000 tokens. Currently, this investor category holds a record high of over 51 billion XRP tokens.
Bullish Network Activity
Aside from increased whale accumulation, the XRP Ledger (XRPL) is displaying bullish indicators for XRP. Santiment reported a remarkable rise in new addresses created on the network and total addresses interacting with it, both at their highest levels since March.
Specifically, data reveals that on July 18, 1,721 new XRP wallets were established, and 47,363 individual addresses interacted with the network, signaling growing participation from retail investors anticipating higher XRP prices. Technical analyses also suggest an impending significant price rally for XRP.
Technical Analysis Insights
Crypto analysts like Mikybull Crypto have examined XRP’s chart and foresee a bullish scenario for the cryptocurrency. They anticipate a breakthrough from a six-year consolidation triangle, leading to a prolonged and substantial rally.
Another analyst, Alex Clay, predicts that XRP is emerging from a symmetrical triangle it has been consolidating within for years, potentially driving the token’s value to $3 in the long term post-breakout. The Relative Strength Index (RSI) for XRP also presents an optimistic outlook, hinting at a potential surge if current momentum is sustained.
As of the latest data from CoinMarketCap, XRP is currently trading around $0.60, marking a nearly 1% decline in the past 24 hours.