In recent days, the XRP market has witnessed significant movements by large crypto wallets. Crypto analyst Ali Martinez highlighted data from Santiment revealing that major stakeholders accumulated approximately 1.54 billion XRP tokens within just 96 hours. This accumulation is estimated to be worth around $2.2 billion. Throughout this period, the price of XRP fluctuated narrowly following a recent rally attempt.
XRP: Will It Maintain Its Price Recovery?
The price of XRP experienced a previous ascent from the $1.24 to $1.26 range, climbing past $1.40. On September 19, the two-hour chart showed a rise from nearly $1.27 to $1.43, indicating a short-term recovery with the formation of higher lows. However, the zone between $1.45 and $1.50 remains a strong supply area.
Subsequently, the price retreated back to the $1.37 to $1.39 range, turning $1.40 into a crucial level in the short term. As of September 20, XRP traded around $1.41, staying under the last tested band of $1.44 to $1.45.
Ali Martinez shares, “Large wallets amassed approximately 1.54 billion XRP in just 96 hours, bringing the observed total balance to 9.81 billion tokens.”
Are Accumulation and Exchange Inflows Telling Different Stories?
The on-chain data revealed another noteworthy aspect involving Binance inflows. According to CryptoQuant, approximately 1.6 billion XRP was transferred to Binance over the past 30 days, marking the highest figure since March. Observing and analyzing blockchain data, CryptoQuant keeps track of significant wallet movements and exchange flows.
When discussing exchanges, “Exchange inflow” refers to the transfer of a crypto asset from a personal wallet to a trading platform. Although this might suggest a selling intention, it could also be made for liquidity management, collateral usage, or portfolio adjustments.
Despite the surge in large wallet accumulations, the inflows to exchanges don’t fully align. While large investors increased their holdings, the amount transferred to trading platforms has risen. Collectively, these metrics indicate heightened activity but do not definitively point to a clear price direction.
- Whale accumulation saw 1.54 billion XRP gathered in just four days.
- A record 1.6 billion XRP entered Binance in the last 30 days.
- This inflow to Binance stands as the most significant since March.
In the technical chart, the area between $1.45 and $1.50 emerges as the primary resistance zone, which analysts consider an area of supply on the two-hour graph. If the price holds above $1.50, the next focal point could shift to the $1.56 to $1.58 band.
On the downside, analysts observe the $1.36 to $1.39 range as the first support zone. Underneath lies the $1.27 to $1.30 band, while the $1.24 to $1.26 area acts as a structural support. Both short and long-term moving averages show the price remains above crucial reference levels.
Ali Martinez has also noted an inverse head and shoulders pattern on the daily chart, with the neckline situated around $1.55. Although a technical possibility, the significant volume of XRP directed toward Binance suggests the potential for increased market supply in the short term.
