XRP Price Stagnant Despite $3 Billion Accumulation by Whales
Large investors in XRP, or whales, have accumulated 1.08 billion tokens worth $3 billion at current market prices during the early Asian session on Thursday. This pushed total whale holdings of XRP to their highest level since June 2024.
However, XRP price remained confined to a narrow range, reflecting the significant bearish bias against it.
Developments inside Ripple fail to excite XRP bulls
According to Santiment: Large addresses holding between 100,000,000 and 1,000,000,000 XRP have collectively accumulated 1.08 billion tokens worth $3 billion today. This pushes the group’s total holdings to 10.41 billion XRP, the highest level since June 2024.$XRP
This surge in whale accumulation comes amid positive developments within the Ripple ecosystem. These include the recent merger with Chainlink, Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty having dinner with crypto-friendly President-elect Donald Trump, and Ripple CEO Monica Long’s recent interview, where she confirmed that an XRP exchange-traded fund (ETF) could be coming soon.
However, despite this high whale activity, XRP’s reaction remained calm, as its price continued to move sideways. Technical indicators evaluated on the 4-hour chart confirm the bearish sentiment that continues to prevent the token from rising.
First, the Balance of Power (BoP) is below one at -0.04 at the time of publication. This indicator measures the power of buyers versus sellers by analyzing price movements over a specified period of time.
When its value is negative, it indicates that sellers are in control of the market, indicating bearish sentiment and downward price pressure.
Furthermore, XRP’s negative money flow (CMF) supports this bearish outlook. As of writing, this indicator, which tracks the flow of money into and out of the asset, is -0.09.
When the CMF of an asset is negative, it indicates that selling pressure is greater than buying pressure, reflecting bearish market momentum.
XRP Price Prediction: Key Levels to Watch
According to XRP’s Fibonacci retracement tool, if this downward pressure increases, the altcoin’s price may test the support at $1.99. If the level fails to hold, the price will extend its decline towards $1.88.
However, if whales continue to accumulate, prompting a broad rebound in XRP buying activity, its price could rally to $2.45, invalidating this bearish prediction.