Even though Ripple’s (XRP) price has increased this week, on-chain data shows that the token could add to the gains in the coming days. This assertion is because crypto whales have quietly accumulated billions of XRP, indicating strong confidence.
Coincidentally, this aggressive accumulation comes off the back of a broader market recovery. What could this imply for XRP’s price?
SponsoredRipple Whales Decide to HODL
According to Santiment, addresses holding between 1 million and 10 million XRP purchased 40 million tokens this week. Meanwhile, those holding 10 million to 100 million accumulated 270 million XRP.
In total, crypto whales recently acquired 310 million XRP, valued at $183 million at the current price. Large acquisitions like this often signal a bullish trend, as they typically precede notable price increases. If XRP follows historical patterns, its price could begin to rise, potentially surpassing recent highs.
Sponsored SponsoredRead more: XRP ETF Explained: What It Is and How It Works
Data from CryptoQuant supports this outlook, showing that these whales do not plan to sell off XRP soon. The Whale-to-Exchange Transactions metric, which tracks the movement of coins from external wallets to centralized exchanges (often a sign of impending sales), remains at zero.
This suggests that the whales intend to hold onto their newly acquired XRP, reinforcing a positive outlook for the altcoin’s price.
XRP Price Prediction: Anticipate Further Gains
SponsoredOn the daily chart, XRP’s price continues to form higher lows (HL). A higher low occurs when a cryptocurrency’s low point is higher than the previous trough, signaling a strengthening uptrend and a potential for a price increase.
Currently, bulls are defending the $0.53 support level, and XRP has risen above the Ichimoku cloud, a key technical indicator for buy or sell signals. When the price is below the cloud, it suggests selling pressure, while a price above the cloud signals a bullish trend.
Read more: How To Buy XRP and Everything You Need To Know
Given XRP’s current position, the next target for the altcoin could be around $0.64. However, if XRP fails to set another higher low, bears may drag the price down to $0.51.
eToro