900M XRP Scooped By Whales In 30 Days, Time For Price Breakout?
The post 900M XRP Scooped By Whales In 30 Days, Time For Price Breakout? appeared on BitcoinEthereumNews.com.
The price of XRP has moved resiliently over the past month. The coin tested the $1.60 support level after plummeting to a low of $1.6877 before posting a rebound. It has since flipped that $2 mark and is gaining the attention of whales. XRP Accumulated Amid Strengthening Support Levels Ali Martinez, a renowned on-chain analyst, has highlighted how XRP whales have accumulated 900 million XRP over the last 30 days. At the current market price, this was worth over $1.8 billion. Image Source: Ali Charts on X This massive accumulation can potentially impact price and liquidity in the ecosystem. Ali’s accompanying chart detailed the activities of the XRP whales over the period. A recent spike in the chart aligns with the asset’s market dynamics, suggesting a deliberate effort to build up their position. This development could reduce XRP’s circulating supply and potentially drive up the price if market demand remains steady. Interestingly, the whales’ influence on the market could spur other market participants to hold on to their assets. If this lingers, demand could outstrip supply, triggering a breakout. Overall, the action of XRP whales is bullish for the token, signaling a potential upward price movement. Market participants must monitor developments and see if the whales’ accumulation could trigger a short-term rally. Technical Indicators Tease Potential for Bullish Breakout Meanwhile, other technical indicators of XRP hint at a likely price breakout. Notably, XRP’s Bollinger Bands squeeze suggests a bullish move is looming. In January 2025, XRP’s 12-hour squeeze indicated periods of low volatility followed by a price uptick. This supported the bullish rise in XRP’s value, which saw the coin trade above $3 for the first time in a long while. Image Source: TradingView The current squeeze of the Bollinger Bands mirrors a similar trajectory with a breakout likely to…
Filed under: News - @ May 3, 2025 5:21 pm