Recent data indicates that whale investors have significantly increased their XRP holdings, reflecting growing interest from institutional players.
Increase in Whale Accumulation
Data from Santiment shows that whale addresses holding between 10 million and 100 million XRP added 340 million coins in the last two weeks. This substantial accumulation is linked to active behavior from large holders and conveys rising confidence among institutional investors.
Analysis of XRP Price Movement
XRP's daily chart displays an Elliott Wave corrective structure labeled A-B-C-D-E, with support developing near $2.80. Analysts suggest that the final wave (E) is nearing completion. The Relative Strength Index (RSI) is at 41.85, indicating proximity to oversold conditions. A successful breakout above the current support could target the $3.40 to $3.80 range, while a failure to hold the $2.80 level could expose XRP to a downside test near $2.50.
ETF Filing
AmplifyETFs has filed with the U.S. Securities and Exchange Commission for an XRP Option Income ETF. Managing $12.6 billion in assets, the firm is known for creating income-focused products. Approval of this filing could enhance liquidity and broaden access for new investors, although some analysts caution about potential regulatory challenges.
The rise in XRP whale accumulation and the ETF filing highlight a growing institutional interest in this cryptocurrency, despite existing risks and volatility.
