Recent analysis reveals that 1.7 billion XRP tokens have been accumulated by whales at price levels between $2.81 and $3.13, creating critical support for future price movements.
XRP Accumulation by Whales
Large token holders, known as whales, have acquired 1.7 billion XRP at prices between $2.81 and $3.13. Glassnode data indicates that this accumulation is establishing critical support for XRP and may significantly affect the token's short-term momentum.
Market Impact of Accumulation
The substantial buying by whales is creating a strong support level on the market that could absorb newly unlocked XRP tokens. This activity is seen as a sign of institutional confidence, which is important for both market stability and regulatory frameworks surrounding XRP.
Future Prospects and Expert Comments
Analysts suggest that defending the $2.81 level could lead to price increases if selling pressure diminishes. Commenting on this level, one analyst noted: "The defense of the $2.81 level amid market sell-offs is linked to reported $1.12 billion in whale purchases, signaling a strong buy wall." However, the lack of comments from regulatory bodies such as the SEC and CFTC leaves legal outcomes speculative.
The accumulation of 1.7 billion XRP tokens serves as a beacon of hope for investors and analysts. XRP's future will hinge on the sustainability of this support level and the market's reaction to new token unlocks.
