XRP, Ripple Labs’ native token, appears to be consolidating within a tight range for over a week. Amid this consolidation and the market uncertainty, crypto whales and long-term holders have shown strong interest in the altcoin, following the formation of a bullish price action pattern, as reported by the on-chain analytics firm Santiment.
Despite the price remaining in a tight range, data reveals that whales and long-term holders have seized this opportunity to significantly accumulate the tokens. Investors holding between 100 million and 1 billion XRP tokens have reportedly accumulated an additional 590 million XRP, worth $1.29 billion. Furthermore, the data indicates that these whales collectively hold 8.91 billion XRP tokens.
These substantial accumulations of XRP tokens indicate the interest and confidence of long-term investors and crypto whales. This notable acquisition reduces selling pressure, hints at a potential upside rally, and suggests an ideal buying opportunity.
However, despite these accumulations, the XRP price has remained neutral, with no major price changes observed, although it has formed a bullish pattern on its daily chart.
According to expert technical analysis, XRP appears to be forming a bullish flag-and-pole price action pattern on the daily time frame and is currently struggling to breach this pattern. Based on the analysis, if XRP breaks out of this pattern and closes a daily candle above the $2.50 level, there is a strong possibility it could soar by 80% to reach the $4.50 level in the coming days.
On a positive note, XRP’s Relative Strength Index (RSI) currently stands at 62, which is below the overbought zone, indicating that the asset still has enough room to rally further.
At press time, XRP is trading near $2.41 and has experienced a price decline of 0.52% in the past 24 hours. During the same period, its trading volume has increased by 5%, indicating rising participation from traders and investors amid XRP’s bullish outlook.
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