XRP Whales Reach 6-Year High in Accumulation as Price Rebounds to $0.80
Key takeaways
- XRP whale wallets now hold 45.61 billion tokens, the highest since June 2018.
- Whale wallets have added 3.44 billion XRP in two years, signaling growing confidence in the asset.
- XRP's price surged past $0.80 amid broader market pullbacks, with key support levels around $0.75-$0.77, vital for a sustained bullish trend.
XRP Whale Accumulation Hits Six-Year HighXRP whale wallets holding at least 1 million tokens have reached their highest level in six years. According to Santiment data, these whales now hold 45.61 billion XRP tokens, the largest amount since June 2018.
This accumulation follows a price surge that saw XRP rise past $0.80, making it one of the top-performing cryptocurrencies recently.
Data reveals that these whales have added 3.44 billion XRP to their holdings over the past two years. This represents an 8.16% increase in their cumulative balance, signaling growing confidence in XRP.
The increase comes after a long period of legal uncertainty for Ripple, the company behind XRP, in the U.S. courts. However, with recent favorable developments, including talks between Ripple executives and President-elect Donald Trump, sentiment seems to be shifting.
It's worth noting that Whales are often considered influential players in the market. Their movements typically reflect long-term confidence, and this latest accumulation suggests they believe in XRP's future potential.
XRP Outperforms Market Amid Broader PullbacksXRP has defiled recent market norms. While many cryptocurrencies have faced declines, XRP gained over 23% over the past 24 hours, even outperforming Bitcoin and Ethereum.
XRP trades at $0.8931 at the time of writing, with a 23.7% price increase. On the other hand, Bitcoin has dropped 1.54%, Ethereum dipped 2.48%, and Dogecoin lost 4.23%.
XRP's bullish momentum could be driven by strong whale accumulation and favorable market sentiment sparked by recent legal developments. If momentum is sustained, the asset could maintain its upward trend.
On the daily chart, XRP has broken above the upper Bollinger Band, signaling continued upward movement. This technical indicator currently sits around $0.7665, a level that could act as immediate support if XRP faces a pullback.
Also, the RSI is at 84, an overbought zone, indicating intense buying pressure. The price is now hovering around crucial support levels, and staying above them is vital to sustaining the bullish trend.
One important area is the primary support level at $0.6404. This region has previously acted as resistance. If XRP drops below this area, it could signal a change in trend, making it more difficult for the asset to regain its bullish momentum.
So, buyers must mount more pressure to prevent a decline below $0.6404. The next potential support level is around $0.545 and $0.481.
If XRP can hold its position above $0.80, it may continue to advance toward the next resistance level at $0.950. From here, $1 would be the next stop.
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