In April, whale accumulation activity for XRP resumed amidst the token's sideways trading, holding around the $2 mark. This event has caught the attention of analysts and investors.
Whale Activity and Accumulation
In April, XRP exhibited sideways trading, remaining at around $2.14. Despite this, an increase in whale accumulation has been observed, with over 880 million tokens moved from exchanges to personal wallets. According to Santiment, the overall number of wallets with balances over 10,000 XRP has risen to 300,000, indicating growing dedication and expectations for asset growth.
Market Prospects for XRP
Although XRP reserves remain high and Ripple still controls significant holdings, active whale accumulation is perceived as a potentially bullish signal. Addresses holding from 100 million to 1 billion XRP have been particularly active, buying an additional 350 million tokens over the past month.
Market Sentiment and Trader Expectations
Recent data indicates that over 70% of open positions in the market are long. Traders are cautiously positioned around the $2 support level, anticipating that XRP may regain upward momentum if market conditions improve. Overall sentiments among market participants and professional investors remain bullish.
XRP continues to be an object of interest among investors despite current market conditions. The possibility of token growth leaves room for discussion, especially given the rise in accumulations and the overall favorable atmosphere in the crypto market.
