The XRP price remains in a tight range this week as attempts to recover encounter substantial resistance. The Ripple token was trading at $2.20 on Monday, a few points below this month’s high of $2.360. This article assesses what XRP whales are doing and whether they are sending a message about what to expect.
Ripple Whales are Accumulating
One of the best approaches in crypto analysis is to assess the actions by whales or large, sophisticated investors. These investors often act ahead of other retail investors. In this context, they often buy before a surge occurs and exit their positions once an asset surges.
Santiment data shows that XRP whales have continued to accumulate these coins. The platform divides Ripple holders into groups, such as those holding between 1 million and 10 million coins. One million XRP tokens are today valued at over $2.1 million.
XRP whales holding between 100k and 1 million coins have increased from 6.54 billion coins on April 10 to 6.58 billion today.
Similarly, those holding between 1 million and 10 million coins have boosted their positions from 3.81 billion tokens in November last year to 5.85 billion today. Bigger whales with between 10 million and 100 million coins hold 7.76 billion today, higher than the yearly low of 6.54 billion.
Most recently, the most acquisitive of these whales are those holding between 100 million and 1 billion tokens, totaling over 9.37 billion coins.
These whales are likely sending a message that the XRP price will continue to do well in the coming months. For example, they are likely buying ahead of the XRP ETF approval surge. The odds of that approval stand at over 80%. Recent data shows that the recently approved leveraged XXRP ETF has accumulated over $63 million in assets despite its 1.89% expense ratio.
XRP Price Technical Analysis
The daily chart reveals that the XRP price remains in a tight range. Despite the recent gains, it has failed to break the barrier at $3. Positively, it has formed a falling wedge pattern on the daily chart. Also, the accumulation/distribution indicator has continued rising, validating the whale activity.
The Ripple price has also remained above the 50-day moving average and is forming a bullish pennant pattern. Therefore, the price will likely experience a strong bullish breakout in the coming weeks. The next point to watch is the psychological level of $3, approximately 40% above the current level. A jump above that level could lead it to the resistance level of $5.
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