- Large investors have rapidly accumulated XRP, boosting its price above key levels.
- Positive technical indicators suggest further potential gains for the cryptocurrency.
XRP Gains Momentum Following Significant Whale Accumulation
Ripple (XRP) has seen a surge in whale activity recently, with large investors accumulating significant amounts of the altcoin over just two days. According to data from Santiment, whales holding between 10 million and 100 million XRP tokens added a staggering 300 million tokens to their portfolios between July 12 and 15.
This influx of XRP among large wallet investors is widely viewed as a bullish signal for the cryptocurrency. It comes as XRP extended its gains by nearly 3% on Monday, trading comfortably above the $0.5300 mark. The altcoin’s rally follows its highest weekly gains of 2024, boosted by positive sentiment surrounding the one-year anniversary of a pivotal legal ruling.
Judge Analisa Torres’ 2023 ruling that XRP is not a security in secondary market sales has been a catalyst for optimism among XRP holders, often referred to as the XRP Army. This milestone was marked with celebrations among the community, coinciding with XRP’s peak at $0.5661 over the weekend.
Technical indicators also support further potential gains for XRP. The Moving Average Convergence Divergence (MACD) shows positive momentum with green histogram bars above the neutral line, signaling a strong uptrend. Analysts suggest XRP could potentially rise by another 13%, aiming for $0.6058, which represents the 61.8% Fibonacci retracement level from recent highs and lows.
However, caution is advised. A daily close below $0.5205 could invalidate the bullish outlook, potentially leading to support levels around $0.4870. This level coincides with the lower boundary of a Fair Value Gap (FVG), highlighting key technical areas to watch amid XRP’s volatile trading environment.
The recent accumulation by Ripple whales underscores growing confidence in XRP’s future prospects. With positive technical signals and ongoing community support, XRP appears poised for further upward movement as it continues to consolidate above critical support levels.
