High whale activity indicates that large holders remain bullish. This trend could raise the price of XRP to an all-time high of $2.90.
Since last week, the XRP price has been holding in a narrow range between the resistance level of $2.62 and the support at $2.20. Currently, the altcoin is trading at $2.34.
Large investors holding between 100 million and 1 billion tokens have taken advantage of the sideways movement and waning bullish sentiment to replenish their cryptocurrency reserves. According to the analytics platform Santiment, this group of investors purchased about 590 million XRP worth $1.29 billion over the last week. They now control 8.91 billion tokens.
If large holders are actively buying the coin, they are confident that the price of XRP will rise. Such whale activity may create upward pressure on the market and provoke a rally, as retail investors often follow the actions of whales.
There is also optimism in the derivatives market. This is evidenced by the positive funding rate of the altcoin, which stands at 0.008%.
Currently, XRP is trading at $2.34, holding above support at $2.20. If buying activity continues, the price may reach the resistance level of $2.62. A breakout above this level will open the path to the historical high reached in 2018 at $2.90.
However, if large investors stop accumulating and bearish sentiment strengthens, the price of XRP could drop below $2.20 and even down to $1.95.