Ripple‘s XRP has experienced a significant increase in interest following substantial accumulation by whales, who have amassed over 220 million dollars worth of XRP. This strategic move by influential investors comes as XRP emerges from a prolonged consolidation phase, lagging behind other cryptocurrencies such as Solana (SOL) and Cardano (ADA).
Market analyst Ali Martinez highlighted the notable XRP accumulation by whales, who acquired approximately 360 million XRP between December 14 and 22, translating to a value exceeding 220 million dollars. These whales, typically holding between 10 million and 100 million XRP, had avoided accumulating XRP in the past three months but have reignited their interest in the last week, potentially signaling an upcoming bullish trend for the token.
During the price increase from October to mid-November, whale activities closely mirrored the performance of XRP. Data from Santiment showed that the number of wallets holding at least 10,000 XRP reached an unprecedented high of 277.62 thousand addresses, while transactions involving XRP worth over 1 million dollars peaked at 255 whale transactions, indicating a possible uptrend.
On-chain data underscores the growing utility of XRP, which, despite periodic price dips, is increasingly used as a payment token through RippleNET. The strengthening position of Ripple Labs’ On-Demand Liquidity (ODL) solutions and the adoption of XRP Ledger’s (XRPL) sidechains like Evernode and Xahau contribute to the cryptocurrency’s relevance.
Despite the recent whale resurgence for XRP and its fundamentals, its market performance may remain modest compared to the explosive success seen in the broader crypto market. Since early November, the sixth-largest cryptocurrency has been in a tight consolidation phase, with minimal price movement last week.
The possibility of a bullish breakout from the symmetrical triangle formation on the daily chart could propel XRP towards the 1 dollar resistance level and beyond. At the time of writing, XRP reflects a marginal 0.02% decrease over the last 24 hours, trading at 0.63 dollars, just above the critical multi-year support level of 0.55 dollars.
