Data from the respected crypto analytics platform Santiment shows that so-called “whales” – major players in the crypto world – have already amassed a remarkable 1.1 billion XRP since February, with an estimated value of around $570 million.
From the start of 2023, these XRP whales have shown a consistent buying pattern. They have made clever use of market dips and consolidation periods, seizing these moments to significantly strengthen their positions.
‘Whales’ Increase Their Possession during Dips
Building on the pattern of consistent buying activity, the recent market dip in June demonstrates how skillfully these whales are executing their strategy. During this particular dip, when the price of XRP fell 12%, the whales saw their chance and bought another 360 million XRP, worth an estimated $170 million.
It is a well-known tactic of these ‘whales’: to gradually increase their holdings, especially during periods of price declines. This kind of accumulation has often resulted in XRP price increases in the past. A notable example of this was in late 2020, when a similar accumulation phase paved the way for a strong rally of the XRP/USD pair.
Will there be a big XRP price hike?
Building on the behavior of the whales and the resilience that XRP has shown in the midst of market volatility, XRP’s daily price charts are beginning to reveal a compelling story. There is strong evidence pointing to a potentially bright future for the Ripple token. A particularly striking detail is the cup-and-handle pattern currently manifesting itself on the charts.
This particular pattern suggests that XRP is in a phase of consolidation, which normally precedes a significant price breakout. The cup-and-handle pattern, which takes its name from the shape the pattern takes on the chart, illustrates a period when an asset’s price reaches a trough (the “cup”) followed by a smaller price trough (the “handle”). Such patterns are often a harbinger of an upcoming rise in price, offering an optimistic outlook for those who hold XRP in their portfolio.
More good news: Huge activity on the XRP Ledger
But the hopeful future predicted by the cup-and-handle pattern is not the only positive news for XRP. The XRP Ledger, Ripple’s blockchain, has shown impressive network activity over the past quarter.
A peak moment fell on May 28, 2023. On that day, transactions were carried out to almost 523,000 different addresses. That is almost 11 times the average number of daily transactions in the second quarter. This makes this day the second busiest in terms of address activity in the history of the XRP Ledger.
As we write this report, there are also positive developments in the market. XRP has experienced a slight increase in the past 24 hours and is currently trading at a price of USD 0.47. All this contributes to the growing positive mood around XRP and the future possibilities for this cryptocurrency.
Conclusion
The combined activities of XRP whales, the potential of the technical patterns and the impressive activity on the XRP Ledger all point to a promising future for the Ripple token. Despite the uncertainty in the crypto market, these factors paint a positive picture for XRP. Recent price movements only reinforce this optimism, making XRP an interesting investment opportunity.
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2023-07-09 18:12:09
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