XRP Price Movement and Whale Accumulation
XRP was making a good run towards its $3.8 all-time high price when a sudden spike in bearish activities forced a nosedive from $3.6 to $3.0. According to our data, XRP is attempting to stage a rebound as it surges from $3.0 to $3.1 in a 3% upsurge on the 24-hour price chart.
The Rising Activities of XRP Whales
Fascinatingly, one particular trend that is actively moving at this level is the aggressive accumulation by whales. According to analyst Ali Martinez, whales have scooped up more than 130 million XRP in just 24 hours. Our research also shows that this trend is not new.
Per the Santiment report, positive whale activities have remained up since late June, with $915 million worth of the asset amassed by wallets holding between 10 million and 100 million XRP. As highlighted in our earlier coverage, wallets holding at least 1 million XRP reached a new all-time high of 2,743 two weeks ago, with total tokens held reaching 47.32 billion XRP. Confirming the rising optimism, Bitget Wallet CMO Jamie Elkaleh has disclosed that investors’ confidence around the asset has significantly improved since March. According to him, XRP’s current regulatory status and legitimacy in the US market have paved the way for renewed Exchange Traded Fund (ETF) speculation.
XRP is regaining market momentum as renewed ETF speculation intersects with increasing legal clarity. This shift is boosting market depth and signaling a structural step forward for XRP’s legitimacy in U.S. markets. Echoing a similar sentiment, Chief Analyst at Bitget Research Ryan Lee has also highlighted that XRP’s legal clarity and ETF speculation were the major catalysts for the recent move to $3. According to Ryan, this would not end here as the current momentum could send the price to between $3.50–$4 in the coming weeks. In the same vein, Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, has clarified that the recent correction is normal in a moving market, and the asset still has the potential to surpass its all-time-high level, as indicated in our previous news brief.
The Upcoming Breakout and Conservative Target
Just recently, an analyst called JD predicted an explosive run in the next months after discovering the possible formation of what he termed the “Biblical move” on the long-term chart. Additionally, he explained that XRP’s two-week chart has seen the existence of a bullish crossover on both the Related Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators. The last time this occurred was in 2017, and this led to a 28x breakout.
Source: JD on X
In a more conservative estimate, expert Shawn Marks believes that XRP could surge towards the $10-$15 range, looking at the current price behavior. As noted in our recent analysis, analyst Zach Rector also agrees with this projection. However, the validation of this prediction would be based on the realization of JPMorgan’s XRP ETF projection, which was detailed in our earlier discussion.
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