❗❗Whales bought $1.29 billion worth of XRP. What will happen to the price?❗❗
After a rapid growth, bearish sentiments are returning to the crypto market, but Ripple whales are in no hurry to leave the market and continue to buy XRP
High whale activity suggests that large holders remain bullish, a trend that could push XRP to an all-time high of $2.90.
Ripple Whales Gain Ground
Since last week, XRP has been trading in a tight price range between the $2.62 resistance and $2.20 support. The altcoin is currently trading at $2.46.
Large investors holding between 100 million and 1 billion tokens have taken advantage of the sideways movement and fading bullish sentiment to replenish their cryptocurrency holdings. According to analytics platform Santiment, this group of investors has purchased about 590 million XRP worth $1.29 billion over the past week. They now control 8.91 billion tokens.
If large holders are actively buying the coin, they are confident that the XRP price will rise. Such whale activity can create upward pressure on the market and trigger a rally, since retail investors often follow the actions of whales.
The derivatives market is also optimistic, as evidenced by the positive altcoin funding rate of 0.008%.
The funding rate is a mechanism used on cryptocurrency exchanges to maintain a balance between the futures price and the spot price of an asset. To maintain this balance, traders pay each other a fee. A positive rate means that long position holders are paying short position holders, indicating that bullish sentiment is prevailing.
XRP Price: Technical Analysis
XRP is currently trading at $2.46, holding above the $2.20 support. If buying activity continues, the price could reach the $2.62 resistance level. A breakout above this would open the way to the all-time high reached in 2018 at $2.90.
However, if large investors stop accumulating and bearish sentiment intensifies, the XRP price could drop below $2.20 and even to $1.95.
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