- Whales have amassed approximately $228 million in XRP in recent days.
- XRP remains slightly bullish.
Ripple [XRP] has seen disappointing price movements lately, but market sentiment surrounding the cryptocurrency remains positive.
Ripple remains bullish, but momentum is lacking
An analysis of Ripple’s price chart shows a neutral to slightly bullish outlook. XRP is currently trading at $0.5853, up 0.12%, reflecting a period of consolidation with a slight upward bias.
Key technical indicators, such as the moving averages and the Relative Strength Index (RSI), support this outlook.
Source: TradingView
The 50-day moving average (yellow) recently crossed above the 200-day moving average (blue), forming a Golden Cross – a classic bullish indicator that signals a shift toward positive medium-term trends.
However, XRP’s price action shows a sideways pattern, with the coin hovering around the $0.58 level. The RSI is at 55.98, indicating neutral momentum with a slight tilt toward bullish territory, but far from overbought.
XRP needs to surpass recent highs around $0.60 for a stronger bullish breakout. At the same time, the key support levels remain close to the moving averages around $0.55.
The current setup indicates a cautious market, but the accumulation of whales suggests otherwise.
Whales increase Ripple accumulation
From May to early August 2024, the number of major Ripple holders remained relatively stable, with minor fluctuations, demonstrating limited accumulation or selling activity.
However, early August showed a sharp increase large holders. The increase indicates a sudden phase of accumulation among whales.
Source: Santiment
Additionally, Whales have purchased more than 380 million XRP in the past ten days, worth approximately $228 million. This increase in accumulation indicates growing confidence or strategic positioning by major investors in anticipation of favorable market conditions.
After this spike, the number of major wallets has stabilized at a higher level, indicating that selling pressure has subsided.
Read Ripple (XRP) price forecast 2024-25
Grayscale reinforces XRP’s positive sentiment
Complementing the positive sentiment is a recent report from Grayscale highlighted that Ripple achieved the highest weekly returns among its top 10 crypto assets.
XRP returned 9%, outperforming Avalanche, which came in second with a gain of 8.4%. This strong performance has further strengthened market confidence in Ripple, even as the price struggles to gain momentum.