XRP Whales Accumulate $7.7B Amid Bearish Market, Signaling Long-Term Positioning
According to market analyst Tylder McKnight, XRP whales have quietly amassed over $7.7 billion worth of the cryptocurrency over the past three months.
Therefore, this significant accumulation comes at a time when market sentiment has largely remained bearish, suggesting that major holders are positioning for long-term gains rather than short-term speculation.
XRP whales, addresses holding massive stakes, are quietly accumulating during market downturns, signaling confidence and strategic positioning ahead of potential price-driving catalysts, according to McKnight.
On-chain data reveals steady XRP inflows into whale wallets. Unlike retail traders reacting to market swings, these large holders are strategically accumulating during bearish conditions, positioning for long-term gains.
Historically, such whale-driven accumulation in major cryptocurrencies often precedes significant price rallies, as institutional players capitalize on early access to market catalysts.
What does this mean? Well, whales have quietly accumulated $7.7 billion in XRP, signaling a strategic, long-term bet amid a bearish market. With institutional adoption and upcoming ETF launches on the horizon, these moves could fuel significant upside, positioning XRP as a key cryptocurrency to watch.
XRP Eyes Key Price Targets Amid Double-Bottom Retest
XRP draws trader and investor focus as it retests a key double-bottom breakout, signaling potential bullish momentum toward $2.30 and $3.50, says analyst Gert Van Lagen.
XRP’s price action mirrors a classic double-bottom pattern, where repeated tests of support signal easing selling pressure and rising demand, hinting at the potential for a sustained rally, according to Van Lagen.
XRP is retesting its $2.06 breakout zone. Holding above this level could pave the way to $2.30 and $3.50, key resistance points that may trigger profit-taking but also present significant upside for traders navigating the volatility.
What does this mean? Well, XRP’s retest of its double-bottom breakout sets the stage for potential moves toward $2.30 and $3.50, offering a clear opportunity for traders following technical patterns. Success will hinge on monitoring key support and resistance levels alongside broader market trends.
Conclusion
Whales’ $7.7 billion XRP accumulation signals a strong vote of confidence from major players. Amid bearish sentiment, this strategic, long-term positioning hints that sophisticated investors are gearing up for catalysts poised to drive XRP’s next rally.
On the other hand, XRP’s retest of its double-bottom breakout signals strong bullish potential, targeting $2.30 and $3.50. While technical momentum favors upside, traders should watch for regulatory changes and macroeconomic factors that could impact price action.
Source: https://coinpaper.com/12566/xrp-whales-hoard-7-7-b-as-double-bottom-retest-fuels-hype
