Large investors or whales of XRP have accumulated 1.08 billion tokens worth $3 billion at current market prices during early Asian trading on Thursday. This has pushed the whales’ total XRP holdings to their highest level since June 2024.

However, the price of XRP remains volatile within a narrow range, reflecting a significant bearish bias towards it.

Ripple Developments Fail to Excite XRP Investors

According to Santiment, whale addresses holding between 100 million and 1 billion XRP just bought another 1.08 billion tokens worth $3 billion today. This pushed the group's holdings to 10.41 billion XRP, the highest level since June 2024.

This increase in whale accumulation comes amid positive developments in the Ripple ecosystem. Notable events include the recent integration with Chainlink, Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty attending a dinner with crypto-friendly President-elect Donald Trump, and Ripple President Monica Long’s recent interview in which she confirmed the possibility of an XRP exchange-traded fund (ETF).

However, despite the strong accumulation from whales, XRP’s response has been muted, with the price remaining range-bound. Technical indicators on the 4-hour chart confirm that bearish sentiment is preventing the token from breaking out to the upside.

First, its Balance of Power (BoP) Index is below 1, at -0.04 at the moment. This index measures the power of buyers over sellers by analyzing price movements over a specific period of time.

When this indicator is negative, it shows that sellers are dominating the market, signaling bearish sentiment and downward pressure on prices.

Furthermore, XRP’s negative Chaikin Money Flow (CMF) reinforces this bearish outlook. As of now, the metric, which tracks money flowing into and out of the asset, is -0.09.

When an asset's CMF is negative, it indicates that selling pressure is outweighing buying pressure, reflecting bearish momentum in the market.

XRP Price Prediction: Important Levels to Watch

According to XRP’s Fibonacci Retracement tool, if this bearish pressure intensifies, the altcoin’s price could test the support level at $1.99. If this level fails to hold, the price could extend its decline to $1.88.

However, if whales continue to accumulate, fueling a wave of XRP buying across the market, the price could surge to $2.45, invalidating this bearish prediction.