Ripple (XRP), after witnessing significant accumulation by whales, is expected to experience a notable increase and has impressively gathered $220 million over the past week. This strategic move by influential investors marks a very important juncture for XRP as it emerges from a long consolidation phase and lags behind other cryptocurrencies such as Solana (SOL) and Cardano (ADA).
Whale Accumulation in XRP
Prominent market analyst Ali Martinez drew attention to this significant XRP accumulation by whales, revealing that these large investors acquired approximately 360 million XRP between December 14 and 22, which translates to a significant value of over $220 million. These whales, typically defined as investors holding between 10 million and 100 million XRP, had clearly been avoiding XRP accumulation for the last three months. However, in the last seven days, whales have reignited their XRP accumulation, which could signal potential expectations for the token’s next rise.
Particularly during the increase in XRP from October to mid-November, whale activities closely mirrored the performance of the cryptocurrency. According to Santiment’s data, the number of wallets containing at least 10,000 XRP reached an unprecedented high during this period, reaching 277,620 addresses. Concurrently, transactions involving XRP valued over $1 million peaked at 255 whale transactions, which could be indicative of an upward trend.
Information obtained from on-chain data underscores the increasingly growing utility of XRP. Beyond periodic price drops, XRP’s increasing utility as a payment token through RippleNET and the strengthening position of the associated American blockchain payment company Ripple Labs’ On-Demand Liquidity (ODL) solutions are noteworthy. The growing adoption of the XRP Ledger (XRPL) through sidechains such as Evernode and Xahau further contributes to the cryptocurrency’s relevance.
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Critical Formation in XRP
While the recent whale resurgence for XRP and other fundamentals is promising, market performance may remain weak compared to the explosive success witnessed in the broader cryptocurrency market. Since the beginning of November, the sixth-largest cryptocurrency has found itself in a narrow consolidation phase, with its price showing minimal movement last week.
The possibility of a bullish breakout from the symmetrical triangle formation visible on the daily chart carries the potential to push it towards the $1 resistance level and higher. At the time of writing, XRP reflects a marginal decrease of 0.02% over the last 24 hours, trading at $0.63. Notably, the current price is positioned just above the multi-year critical support level of $0.55.
