XRP Whales appear to have regained confidence in the XRP token, with recent data showing an accumulation trend among these investors. This is important because XRP targets $1 mark and how these XRP whales could play a role in facilitating such a price surge.
XRP whales buy 140 million tokens
Ali Martinez, Cryptocurrency Analyst recently shared data from on-chain analytics platform Santiment, which shows that XRP whales bought more than 140 million XRP ($84 million) last week. The move underscores the confidence these investors have in Future trajectory of XRPwith growing conviction that the cryptocurrency could finally enjoy its long-awaited rally, after consolidating over 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 influence in the market to push the price of XRP to new highs. Santiment recently note that XRP’s impressive rebound is supported by the increasing level of XRP coins held 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 accumulation of whales, the network’s activity on the XRP Ledger (XRPL) Santiment’s analysis also reveals a bullish picture for XRP. Santiment revealed that XRPL is seeing a notable increase in the number of new addresses created and the total number of addresses interacting on the network. Both indicators are at their highest levels since March.
More specifically, the data from Santiment shows that 1,721 new XRP wallets were created on July 18, and 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 to the XRP ecosystem in anticipation of the crypto token’s price rally. XRP technicals also suggest that a significant price rally is on the horizon.
A technical point of view
Cryptocurrency analysts like Crypto Mikybull also analyzed the XRP chart and provided a bullish narrative for the crypto token. Mikybull Crypto recently declared that the crypto token is on the verge of breaking a six-year consolidation triangle, which he believes will lead to a “huge, long-sustained rally.”
Crypto analyst Alex Clay also claimed that XRP was coming out of a symmetrical trianglewhich has been consolidating for years. The analyst predicts that the crypto token could reach as high as $3 in the long term after this massive breakout.
XRP Relative Strength Index (RSI) also paints an optimistic picture of the crypto token. Crypto analyst Nico declared that the RSI “looks really good around 44.31.” He added that XRP is poised to “shoot to the moon” if it can maintain this momentum.
At the time of writing, XRP is trading at around $0.60, down nearly 1% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com
