Large XRP holders accelerated their accumulation, adding over 470 million tokens to their wallets during the five days up to September 24. Data from blockchain analytics platform Santiment showed that balances of millionaire wallets rose from 12.37 billion to 12.80 billion XRP in this period.
Whale accumulation and price reaction
The combined value of tokens acquired during this surge totaled $724 million. These purchases were concentrated close to a significant technical level, as traders positioned themselves just below a potential breakout zone in anticipation of further price movement.
This influx of on-chain capital completed the formation of an inverse head-and-shoulders chart pattern, a structure many analysts view as a bullish reversal indicator. As buy orders clustered to form the “right shoulder,” the measured move quickly played out: XRP jumped 27.6%, rising from $1.25 to a local peak at $1.58.
Now, with XRP trading only slightly below a major resistance, all eyes are on whether the token can break through into higher price territory as trading momentum builds.
Repeating historical patterns
Recent accumulation trends are reminiscent of a similar event about six weeks earlier. Back in August, large investors bought 460 million XRP, also leading to a decisive breakout following a long period of stagnation. In that case, the price climbed 40.7% within one week and briefly reached $1.70.
The close parallels between these two accumulation phases indicate that major market participants may be repeating a previously successful strategy for deploying capital in XRP.
Analysts underline that “the logic behind these moves is clear: big money is absorbing available liquidity before the market confirms an official breakout.”
Key support and resistance zones
The $1.60 level remains a critical trigger point for XRP’s price action. This zone historically marks the neckline of the reversal pattern and hosts the highest concentration of previous trading volume, making it a battleground between buyers and sellers.
| Scenario | Price Level | Potential Outcome |
|---|---|---|
| Breakout | $1.60+ | Move toward $2.00 target |
| Technical pullback | $1.34–$1.37 | Short-term correction before new rally |
| Consolidation | $1.25–$1.50 | Sideways trading, weakening momentum |
If XRP closes above $1.60, this would confirm the reversal pattern and open the door for a push toward the projected target of $2.00, as short sellers are squeezed out. In contrast, a failure to break through could lead to a temporary pullback or another period of range-bound trading within the established support and resistance levels.
The decisions made by large holders and the movement around $1.60 are likely to guide XRP’s performance into the end of the autumn, mirroring the decisive role whales played during the August rally.
Mini dictionary: Santiment – A blockchain analytics platform specializing in on-chain, social, and development data to monitor trends and investor activity in cryptocurrencies.
