- Whales bought 320 million XRP in three days, analysts report.
- Technical charts show narrowing bands as whales push XRP higher.
- Resistance at $3.40 tested amid heavy whale accumulation this week.
The XRP market was jolted into focus as whales launched an aggressive buying spree, snapping up vast amounts of the token in just days. According to market analyst Ali Martinez, wallets holding between 100 million and 1 billion XRP accumulated more than 320 million tokens in the past 72 hours, igniting speculation over the forces driving the move.
This increase in accumulation is happening as XRP is trading at around $3.23, traversing a time of consolidation following recent volatility. The price is near the 20-day simple moving average and indicates the balance between the selling pressure and the new buying activity of large investors.
Also Read: Pundit Reveals XRP Short Timeline to Reach $5, $8, and $9 Using the ‘589’ XRP Code
Whale Buys Meet Key Price Levels and Market Signals
Besides the aggressive whale buying, technical readings offer further insight into market conditions. Its Relative Strength Index (RSI) is at 56.65, which points to a neutral position but can swing either way according to future catalysts. This is congruent with the tightening Bollinger bands, which are usually followed by a breakout.
Support is forming around $3.12, while resistance is set near $3.40. The timing of their accumulation indicates such strategic positioning of heavy whales as the price nears this resistance.
Source: Tradingview
The combination of liquidity led by whales and tight technical patterns is drawing the interest of traders and analysts. Some are watching to see whether the momentum will continue or whether profit-taking will occur after testing resistance.
In the short term, price movement is likely shaped by the balance between ongoing large-scale purchases and overall market sentiment. Short-term traders and long-term players are both in a watchful position of decisive market movements.
Conclusion
As reported by Ali Martinez, whales acquired 320 million XRP in just three days, marking a significant development in market activity. With accumulation aligning with critical technical levels, XRP could be on the verge of heightened volatility and sharper price action.
Also Read: Ethereum Climbs Toward Record as Market Eyes Breakout
