Recent data from blockchain analysis reveals a significant surge in buying activity from XRP whales, hinting at a potentially favorable future for the cryptocurrency’s value.
XRP Whales Embark on a Buying Bonanza in the Last Two Days
Ali Martinez, a respected analyst, recently shared insights on X, highlighting that XRP whales have been actively boosting their holdings. Central to this analysis is the "Supply Distribution" metric, provided by the on-chain analytics firm Santiment. This metric effectively measures how much of the cryptocurrency is held by different groups of wallets.
Wallets are categorized into groups based on the number of XRP tokens they hold. For example, wallets with holdings between 1 and 10 coins fall into a specific bracket.
In this discussion, the focus is on wallets holding between 10 million to 100 million XRP. Based on current exchange rates, this translates to a range of approximately $26.5 million to $265 million. Investors of this caliber are typically referred to as whales. Due to their significant holdings, these whales have the power to influence market trends, making their actions noteworthy.
The chart shared by Martinez illustrates the recent trends in XRP whales’ holdings:
(The referenced image)
The data clearly indicates an uptick in whale activity over recent days, suggesting these large players are in a phase of net accumulation.
Overall, these investors have collectively added 150 million XRP—valued at about $400 million—to their portfolios over the past few days. Interestingly, this buying spree comes despite the declining market prices, suggesting these investors perceive the downturn as a momentary blip.
XRP Peaks at $2.68 After Ascending Triangle Breakout
In another post, Martinez observed that XRP was on the verge of breaking through an Ascending Triangle pattern. It seems this technical analysis pattern has proven accurate, as evidenced by the recent price surge.
An "Ascending Triangle" is a technical analysis pattern that occurs when an asset’s price consolidates in an upward trend, bounded by a flat upper level and a rising lower level.
(The referenced image)
Martinez commented, "XRP looks to be breaking out of an ascending triangle on the lower time frames, setting up a potential 4% move toward $2.68!" True to prediction, the coin’s value has seen a boost in line with this breakout.
(The referenced image)
This chart provides a look at XRP’s price action over the past day.
Images featured are sourced from Dall-E and Santiment.net, with charts from TradingView.com.
