XRP Whales’ $3.8 Billion Accumulation May Drive Price to All-Time High

XRP has recently experienced fluctuations in its price, with a slight decline over the last few days. However, the cryptocurrency remains positioned near significant resistance levels, with whales actively accumulating XRP despite signs of a potential market top. 

The prospect of a rise to the all-time high (ATH) remains strong, although the market’s current conditions could create challenges for further gains.

XRP Investors Remain Bullish

XRP is currently facing a potential market top, with over 95% of its circulating supply in profits. Historically, when such a large portion of the supply is in profit, a market top is often formed, which typically signals a reversal.

However, XRP has proven to be resilient in the face of market tops in the past, maintaining its upward momentum without experiencing significant declines. This unique characteristic of XRP suggests that it may defy the typical market behavior, and investors’ bullish sentiment could further drive its price higher.

XRP Market Top. Source:  Santiment

The macro momentum of XRP is being fueled by increased whale activity. In the last four days, addresses holding between 100 million and 1 billion XRP have accumulated over 1.2 billion XRP, worth nearly $3.8 billion. 

This surge in whale holdings suggests that large investors are confident in XRP’s future potential and are positioning themselves for further gains. The recent price dip has likely sparked FOMO (Fear of Missing Out), encouraging these whales to increase their positions in anticipation of a future price surge.

This optimism could be a major catalyst in driving XRP’s price higher, as these large holders may provide significant support in times of volatility. 

XRP Whale Holdings. Source:  Santiment

XRP Price Is Sending Mixed Signals

XRP is currently trading at $3.13, having faced a slight decline over the last four days. The altcoin remains 16.8% below its ATH of $3.66, which investors are targeting. The ongoing bullish sentiment, coupled with whale accumulation, keeps the price within range of a potential breakout.

If the whales’ efforts succeed, XRP’s price could rise to $3.41. If the $3.41 level is flipped into support, XRP could continue its ascent toward its ATH of $3.66. This scenario would signal a sustained bullish momentum, with strong backing from both large holders and retail investors. The support level at $3.41 would play a crucial role in sustaining XRP’s price growth.

XRP Price Analysis. Source:  TradingView

However, if XRP faces bearish cues from the broader market or selling pressure from retail investors, the price could dip to $2.95 or even lower. This would invalidate the bullish thesis and raise concerns about the sustainability of the upward trend.