XRP whales have accumulated about 11 million XRP worth $6.82 million in a week amid XRP’s recent campaign to clinch the $0.66 price territory.
Seasoned market analyst Ali Martinez first called the public’s attention to this trend in a recent post on X. Citing data from analytics resource Santiment, Ali pointed out an accumulation pattern observed among wallets between 100,000 and 10,000,000 XRP tokens.
Data confirms that this tier of addresses has continued augmenting their holdings since November 19 in a sustained buying spree. This purchase spree has led to an increase in their cumulative balance.
The cumulative balance held by these wallets stood at 10.439 billion XRP, valued at $6.47 billion a week ago. However, as XRP plummeted from the $0.62 level to a low of $0.57 on Nov. 22, these whales bought more XRP tokens. The purchase pattern suggests a “buy-the-dip” campaign.
As a result of this campaign, the addresses increased their collective balance to 10.54 billion XRP at the time of Ali’s disclosure. This indicates that these wallets purchased 11 million XRP in a week. Though the purchase spree has slowed, the addresses have continued to amass more tokens.
XRP Targets $0.66
As earlier highlighted, this accumulation trend increased from Nov. 19 to 21, when XRP recorded a downtrend. Since then, XRP has engineered a comeback, looking to recover the past losses. Ali also highlighted this recovery push, citing XRP’s price movements on a 4-hour chart.
According to the analyst, XRP has been trading within the confines of a descending parallel structure since early November. The structure features two separate but parallel descending channels: a lower and an upper one overlapping each other.
XRP had continued to trade within the lower one since early November. However, amid the recent recovery, the asset has towered above the lower channel and into the upper channel. Ali confirmed that XRP is now seeking to break out of the upper channel.
Ali says that should this occur, XRP could witness a price surge to recover the $0.65 to $0.66 price range. XRP’s trajectory above the upper channel hinges on its ability to clear the resistance levels within the channel. One of these resistance points stands at $0.6288 along Fib. 1.
Meanwhile, XRP is struggling to retain the $0.61 territory in the short term. Following a surge to $0.6375 yesterday, the asset recorded a slump that saw it relinquish the support zones at $0.63, $0.62, and $0.61. XRP changed hands at $0.6087, down 1.92% over the last 24 hours.
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.
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