XRP Price Plummets 5%: Should You Buy XRP Immediately During Whale Accumulation?

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According to on-chain data analysis provided by Santiment, XRP whale investors (holding 100 million to 1 billion tokens) have accumulated over 860 million XRP this week, worth over 2 billion dollars.

In a sustained bullish outlook, XRP whales have persistently accumulated more XRP.

With the support of Ripple and its strong business model, XRP has recently regained interest. Additionally, under the incoming Trump administration, the ongoing Ripple vs. SEC lawsuit is likely to be dismissed.

On Wednesday, Ripple Labs launched the fiat-backed RLUSD stablecoin, which is strongly supported by centralized exchanges and DeFi protocols.

The launch of RLUSD will significantly enhance XRP's liquidity and strengthen the company’s cross-border payment capabilities.

From a technical analysis perspective, XRP's price has broken out of a bullish pennant formation that developed over the past two weeks on the daily timeframe. Due to the potential head and shoulders (H&S) pattern, XRP's price is likely to rebound above the historical high of $3.4 in the short term.

However, consistently closing below $2 in the coming weeks will invalidate the bullish sentiment and prolong the ongoing market correction.

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