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XRP has not retested its all-time high (ATH) of $3.84 in the last 30 days. The coin’s price has remained below $3 on the cryptocurrency market since the beginning of February. Despite this performance, XRP whales have remained active.
Massive whale accumulation signals bullish sentiment
Ali Martinez, in an update shared with the community, noted that in the past 48 hours, XRP whales snapped up 150 million units of the coin.
This massive purchase by investors signals that whales are bullish on XRP. Notably, the activities of whales have a significant impact on market trends and price outlook. Sometimes, retail investors monitor whale activities to determine shifting market dynamics.
Gamza KhanzadaevMarket watchers say that if Martinez's observation of the current trend among XRP whales continues, the strong demand could trigger a major shift in sentiment.
It is worth noting that strong demand has the potential to cause a price upsurge. However, for the whale action to trigger this, investors will monitor if they plan to HODL or sell their XRP soon.
Experts say that once it becomes clear that the accumulation spree among whales is a long-term move, other participants might join the action. This could have a ripple effect and ignite interest in XRP.
Another factor that could contribute to interest is the acknowledgment of filing for XRP exchange-traded fund (ETF) by asset managers with the U.S. SEC.
Market reactions and price movements
As of this writing, trading volume has risen slightly by 5.66% to $5.06 billion. Similarly, XRP’s price has gained 1.01% to trade at $2.60 in the last 24 hours.
Early signals show XRP investors have jumped on the accumulation moves of whales. This likely led to the addition of 13 cents and supported XRP’s climb from a low of $2.47 to its current price.
Tomiwabold OlajideMeanwhile, amid the price struggles and market activities, Martinez says the XRP price pattern has formed a cup and handle pattern. The analyst insists this development could ignite a bullish jump for the coin, taking the price to $3.35.
Investors should watch the asset to see how events turn out.
Dan Burgin
Vladislav Sopov