XRP price has struggled to start a new bull run. However, recent activity from large investors, especially crypto whale addresses, has fueled optimism about XRP's potential upside.
Whales Accumulate XRP
Crypto whale addresses, holding between 10 million and 100 million XRP, have played a major role in driving the price of XRP. Over the past week, these addresses have accumulated more than 330 million XRP, equivalent to $177 million. This massive accumulation suggests that crypto whales are expecting the price of XRP to increase in the short term.
The influence of these whale addresses on XRP price cannot be underestimated. Large accumulations often signal positive market sentiment, leading to price increases. Therefore, by leveraging this accumulation, XRP could find new momentum, potentially breaking through resistance levels that it has struggled with recently.
XRP Whale Accumulation | Source: Santiment
On a macro level, the Mean Coin Age (MCA) indicator provides insight into the behavior of XRP investors. In late August and early September, the MCA recorded a decline, indicating an increase in XRP transfers between addresses, a bearish signal. However, over the past week, the MCA has trended up, indicating that long-term investors are continuing to choose to “HODL” rather than move their XRP.
This change shows that confidence is returning to investors, as the decrease in XRP transfers between addresses indicates stability. The uptrend of MCA suggests that XRP's bullish momentum may be sustained, and HODLing behavior is likely to support price growth in the near future.
XRP MCA | Source: Santiment
Technical analysis
XRP price surged more than 8% after Grayscale announced the launch of the XRP Trust today. The move helped it reclaim key support at $0.55, making the previous breakdown a mere deviation (blue ellipse). This is a bullish development that is often followed by strong rallies.
The daily RSI has formed a significant bullish divergence and spiked above the 50 level, signaling a return of the bulls.
XRP/USDT daily chart | Source: TradingView
Therefore, XRP price is likely to continue rising towards the nearest resistance zone at $0.64, up 11.8% from the current price.
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