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A major accumulation trend is currently ongoing for XRP, with crypto whales actively adding to their positions. This provides a bullish outlook for the altcoin, considering it could break out from its current range following this accumulation phase.
XRP Whales On The Rise
In an X post, crypto analyst Kyle revealed that over 300,000 addresses now hold 10,000 XRP, a development which he noted screams rising confidence from whales and large holders. The analyst added that a strategic accumulation looks to be back and raised the possibility of the big players trying to front-run a major move in the XRP ecosystem.
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This major move could be the launch of an XRP ETF or the conclusion of the Ripple SEC lawsuit. An XRP ETF has a 90% chance of approval by the SEC this year. The launch of this fund could spark a surge in the token’s price, considering how it would drive more capital into its ecosystem.
Meanwhile, the conclusion of the Ripple SEC lawsuit would also be a major development in the XRP ecosystem, as both parties have already reached an agreement. However, the court still needs to rule on the agreement before the lawsuit can be considered done and dusted. The end of the lawsuit would provide clarity and could spark a significant surge in price.
Crypto analyst Ali Martinez also confirmed the accumulation trend among these whales. In an X post, he revealed that wallets holding between 10 million and 100 million XRP have bought around 900 million XRP over the past month. Amid this accumulation trend, traders are also leaning bullish towards the asset.
In another post, he stated that 71.54% of traders on Binance futures with open XRP positions are leaning bullish.
What’s Next For The Altcoin?
In an X post, crypto analyst Dark Defender discussed the current XRP price action and provided insights into what is next for the altcoin. He noted that XRP found resistance between $2.2 and $2.36 and dropped to $2.13 again. In line with this, the analyst remarked that the altcoin is getting ready to finish the correction and is on to the last bit.
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The analyst projects an incoming surge with five waves. He predicts that the initial wave will send the XRP towards $3, and then the altcoin will reach $4.4 and $6.3 on Waves 3 and 5, respectively. A rally to $4.4 would mark a new all-time high (ATH) for the token. Meanwhile, Dark Defender stated that $1.88 is the support level to keep an eye on.
At the time of writing, the XRP price is trading at around $2.12, down 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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