XRP, the native token of Ripple Labs, has been consolidating in a narrow range for more than a week. Despite the market uncertainty, crypto whales and long-term holders have shown a strong interest in the altcoin, following the formation of a bullish price action pattern, as reported by the on-chain analytics firm Santiment.
Crypto Whales Add Over $1 Billion Worth of XRP
While the price of XRP has remained relatively stagnant, data shows that whales and long-term holders have taken advantage of this period to accumulate a significant amount of tokens. Investors holding between 100 million and 1 billion XRP tokens have reportedly added an extra 590 million XRP to their wallets, totaling $1.29 billion. Collectively, these whales now hold 8.91 billion XRP tokens.
These substantial acquisitions of XRP tokens demonstrate the confidence and interest of long-term investors and crypto whales. This increased accumulation reduces selling pressure, hints at a potential price increase, and presents a favorable buying opportunity.
Despite these significant accumulations, the price of XRP has not seen any major fluctuations, although it has formed a bullish pattern on its daily chart.
XRP Technical Analysis and Upcoming Level
Expert technical analysis suggests that XRP is currently forming a bullish flag-and-pole price action pattern on the daily timeframe. The cryptocurrency is currently struggling to break out of this pattern. If XRP manages to break above the $2.50 level and close a daily candle above it, there is a strong possibility that it could surge by 80% to reach the $4.50 level in the near future.
Additionally, XRP’s Relative Strength Index (RSI) is currently at 62, indicating that the asset still has room for further upside potential.
XRP Price Momentum
As of now, XRP is trading around $2.41, experiencing a slight price decline of 0.52% over the past 24 hours. However, its trading volume has increased by 5%, suggesting growing interest from traders and investors amidst the bullish outlook for XRP.
In conclusion, XRP’s consolidation phase, coupled with the significant accumulation by whales and long-term holders, indicates a potential upward movement in the near future. If the cryptocurrency manages to break out of its current pattern, we could see a substantial price increase in the coming days.