Large Investors Regularly Acquire XRP: What Will Cause Its Value to Increase?
In a recent 24-hour buying spree, Ripple whales purchased 60 million XRP, amounting to over $180 million at current XRP prices. This accumulation has intensified buying pressure, which has been high in the past month. However, the price of XRP has not increased significantly, as the market is currently in a consolidation phase.
Buyers and sellers appear balanced, causing XRP to hover just above the $3 support level without a decisive breakout yet. The market is waiting for a catalyst like a breakout or positive developments to drive a sustained rally. This consolidation is due to strong resistance around the $3.30–$3.60 zone acting as a ceiling.
Analysts expect that if XRP breaks above the current resistance, it could start a significant rally towards $6–$8, potentially doubling or more from current levels. Until that breakout occurs, price gains may remain muted despite accumulation.
Despite the most recent whale purchases, XRP's price has failed to benefit and is currently trading just under $3.15. The continuous accumulation of XRP by large market players has reduced the available supply, which could potentially drive up the price in the future.
Reports also suggested that one of Ripple's co-founders disposed of $140 million worth of XRP. The drop in Ripple's price was possibly due to FUD from a suspicious Upbit transfer.
Retail investors may follow the example set by these whales, indicating a strong demand for XRP. The exact identity of the Ripple whales making these large purchases is not disclosed.
In July, Ripple whales accumulated 2.2 billion tokens in just two weeks, as reported earlier. Cryptocurrency exchanges like Binance and Bybit are offering exclusive welcome offers for new accounts, although these incentives are not directly related to the XRP price movements discussed in this article.
In summary, the price of XRP hasn’t increased notably despite whale accumulation because the market is consolidating near key resistance levels, waiting for a catalyst like a breakout or positive developments to drive a sustained rally. Whales accumulating the token may be positioning for such a breakthrough rather than causing immediate price spikes.
- Despite the intense crypto trading activity by Ripple whales, the price of XRP has yet to significantly increase, suggesting that the technology-driven finance market is currently in a consolidation phase, awaiting a breakout or positive developments to initiate a sustained rally.
- As large market players like Ripple whales continue to invest in XRP, reducing the available supply could drive up the price in the future, indicating a strong interest in the crypto market.
- Buoyed by the example set by these whales, retail investors may be drawn to XRP, further increasing demand for this cryptocurrency and potentially contributing to a significant rally once the market's key resistance levels are breached.
