XRP whales look to have regained their confidence in the XRP token, with recent data showing an accumulation trend among these investors. This is significant as XRP eyes the $1 mark and as these XRP whales could play a role in facilitating such a price rally.
XRP Whales Buy 140 Million Tokens
Crypto analyst Ali Martinez recently shared data from the on-chain analytics platform Santiment, which shows that XRP whales bought over 140 million XRP ($84 million) this past week. This development highlights these investors’ confidence in XRP’s future trajectory, with a growing belief that the crypto taken could finally enjoy its long-overdue rally, having consolidated for the past six years.
This increase in whale accumulation is also a factor that could contribute to such a rally, as these investors could use their market influence to push XRP’s price to new highs. Santiment recently noted that XRP’s impressive rebound is supported by the rising level of coins held by xrp whales and sharks with over 100,000 tokens. According to Santiment, this category of investors now holds over 51 billion XRP tokens, a new all-time high (ATH).
In addition to this significant whale accumulation, network activity on the XRP ledger (XRPL) also paints a bullish picture for XRP. Santiment revealed that the XRPL is witnessing a notable increase in new addresses created and total addresses interacting on the network. Both metrics are at their highest levels since March.
Specifically, data from Santiment shows that 1,721 new XRP wallets were created on July 18 and that 47,363 individual addresses interacted on the network that day. This is also a bullish signal as it suggests that retail investors are also flocking into the XRP ecosystem in anticipation of higher prices from the crypto token. XRP’s technicals also suggest that a significant price rally is on the horizon.
Looking From A Technical Perspective
Crypto analysts like Mikybull Crypto have also analyzed XRP’s chart and provided a bullish narrative for the crypto token. Mikybull Crypto recently stated that the crypto token is about to break a six-year consolidation triangle, which he claimed will lead to a “long sustained enormous rally.”
Crypto analyst Alex Clay also claimed that XRP is breaking out of a symmetrical triangle, which it has been consolidating inside for years. The analyst predicts that the crypto token could rise to as high as $3 in the long term following this massive breakout.
XRP’s Relative Strength Index (RSI) also paints a bullish outlook for the crypto token. Crypto analyst Nico stated that the RSI is “looking really good at around 44.31.” He added that XRP is about to “take off to the moon” if it can keep this momentum.
At the time of writing, XRP is trading at around $0.60, down almost 1%in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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