XRP Whales Snap Up $2 Billion in 3 Days: Breakout or Bull Trap?
XRP addresses holding between 1 million and 10 million tokens saw their combined balance increase from 4.85 billion on Dec. 15 to 4.95 billion today, reflecting an additional 100 million XRP purchases over the past three days.
Meanwhile, wallets holding between 100 million and 1 billion XRP increased their holdings from 8.86 billion on Sunday to 9.63 billion, an increase of 870 million tokens.
At an XRP price of $2.50, the accumulation by these whales represents a total purchase of $2.17 billion worth of altcoins. This massive buying pressure is often viewed as a bullish sign, indicating a possible breakout in the near term.
BeInCrypto’s assessment of the XRP/USD daily chart shows that the altcoin has formed a bull flag. The bull flag is a bullish pattern characterized by short consolidation phases between two upward moves.
The pattern begins with a sharp rise in price, forming a “flagpole” where buyers overwhelm sellers. Then, the price pulls back, forming parallel upper and lower trendlines, resembling a flag.
As shown in the chart below, XRP’s price is about to break above the upper trendline of the flag. If successful, the altcoin could rally to $3.50 in the short term.
However, this trend could change if XRP whales decide to sell in large quantities. If the coin also breaks below the lower trendline of the aforementioned pattern, a drop to $0.1.98 could be the next step.
