According to U.Today, XRP whales, entities or individuals who own a large amount of the cryptocurrency, have reportedly purchased around 110 million XRP tokens in the past two weeks. This accumulation, amounting to approximately $55 million, is generally seen as a positive sign as it could indicate increased buying pressure from market participants.
Crypto analyst Ali, who identified this trend, used data from Santiment to show that XRP whales holding between 1 million to 10 million coins have been aggressively accumulating the digital currency. This has resulted in a net increase in the whales' XRP holdings, signaling confidence and a bullish sentiment towards the cryptocurrency. This trend has sparked interest and speculation within the crypto community about the reasons behind such a large accumulation and its potential impact on XRP's price trajectory.
In terms of price action, XRP has largely consolidated in a range since mid-April. Despite attempts by bulls to push the XRP price beyond the $0.57 level, resistance has been met on two occasions. This suggests a near-term resistance around this region, which needs to be breached for the XRP price to advance. After hitting a low of $0.4841 on May 13, the XRP price began to recover, reaching intraday highs of $0.523 during a recent trading session.
At the time of writing, XRP had risen 1.69% in the last 24 hours to $0.514. If XRP's price can maintain its present levels, it may rally to the overhead resistance of $0.57. However, this level may prove to be a difficult obstacle to overcome. If this is surpassed, XRP might rise as high as $0.64 or perhaps $0.74 on a breach of its daily moving averages. Conversely, if the price falls from its current level, bears may attempt to strengthen their position by bringing the price to the important support of $0.46. Buyers are expected to defend this level vigorously. A strong rebound from $0.46 might indicate that the range-bound activity may continue for some time.
