These XRP whales have continued to augment their holdings since May 7 – a pattern observed during the start of the previous run in March.
XRP whales – particularly addresses holding 10 million to 100 million XRP – have been augmenting their holdings since May 7. These addresses have purchased over 52 million XRP ($22.9 million) in the past three weeks as XRP breaks the long-term resistance point at $0.46.
Ali Martinez, an accomplished chartist, first called public attention to the accumulation campaign, citing data from the behavior analytics resource Santiment. According to Ali, the accumulation trend suggests that these whales are bullish on Ripple.
Whales appear bullish on #Ripple! They've purchased over 52 million $XRP in the past 3 weeks, worth around $22.9 million. pic.twitter.com/8RWtFOigQb
— Ali (@ali_charts) May 26, 2023
The Santiment chart indicates that the addresses held a cumulative amount of 4.02 billion XRP on May 7. This balance has soared by 13% since then, standing at 4.54 billion XRP ($2.13 billion) as of May 26.
The sudden spike in cumulative balance came up after a selloff campaign that started on April 12. This selloff picked up at a time when XRP was caught in an extensive consolidation phase following the exhaustion of the previous rally. The selloff persisted until May 7 and was replaced by the latest accumulation trend.
Notably, a similar accumulation pattern was also observed in the past, right before XRP embarked on the rally that skyrocketed to a high of $0.5850 on March 29. The previous accumulation saw these whales grow their balance from 3.61 billion XRP on Feb 17 to 4.42 billion XRP on March 9, fueling the ensuing solo run.
The Crypto Basic called attention to this trend on March 20, pointing out that up to 50 whales purchased 420 million XRP monthly. XRP’s price surge became more apparent the next day, as the asset registered an 11% gain within 24 hours.
XRP Breaks Long-Term Resistance
Similarly, the latest ongoing accumulation campaign has come up at a time when XRP is looking to break the long-term resistance point at $0.50. As highlighted by Dark Defender, a prominent analyst, XRP has finally broken the initial resistance point at $0.4696 on the 4-hour chart and looks to do the same on the daily chart.
#XRP in 1D Chart is trying to break the $0.4696 area.
In the 4Hour Chart, we've broken the resistance!
I expect XRP to break $0.46 & hit $0.50 until next #week, 2 June. RSI Values are both above 50%, which is good.
Resistance: $0.5014, $0.8968
Support: $0.4283#Ripple pic.twitter.com/A0oTtHklg5
— Dark Defender (@DefendDark) May 26, 2023
Currently trading for $0.4717 as of press time, the asset seeks to tower above the $0.50 long-term resistance area. Gaining by 2.3% in an hour and a half earlier today, XRP soared to $0.4792. This marked its highest value this month. Despite being opposed by the bears, XRP has retained its momentum, with a 1.79% increase in the past 24 hours.
Dark Defender expects the asset to hit the $0.50 level until June 2, emphasizing that its Relative Strength Index (RSI) values are above the 50% threshold, which bodes well. The analyst has put XRP’s resistance points at $0.5014 and $0.8968, with support around the $0.4283 level.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.