Large investors or XRP whales amassed 1.08 billion tokens worth $3 billion at current market prices during early Asian trading on Thursday. This pushed up the total holdings. Whale group XRP hits highest level since June 2024.
However, the price of XRP remains within a narrow range, reflecting a significant bearish bias towards it.
Developments in Ripple Fail to Excite XRP Investors
According to Santiment, whale addresses holding between 100 million and 1 billion XRP just purchased an additional 1.08 billion tokens worth $3 billion today. This pushed the group’s holdings to 10.41 billion XRP, the highest level since June 2024.
This increase in whale accumulation comes amid positive developments in the Ripple ecosystem. Notable events include the recent integration with Chainlink, which Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty attended. dinner with pro-cryptocurrency President-elect Donald Trump, and the recent interview by Ripple president Monica Long, in which she confirmed the possibility of an XRP exchange-traded fund (ETF).
However, despite the strong accumulation activity from whales, XRP’s reaction has been rather muted, with the price remaining within a horizontal range. Technical indicators on the 4-hour chart confirm that pessimism is preventing the Token from breaking out to the upside.
First, its Balance of Power Index (BoP) is below 1, at -0.04 at the moment. This index measures the strength of buyers over sellers by analyzing price movements over a specific period of time.
When the index is negative, it shows that sellers are dominating the market, signaling bearish sentiment and downward pressure on prices.
Furthermore, XRP’s negative Chaikin Money Flow (CMF) reinforces this bearish outlook. As of now, this index, which tracks the flow of money in and out of assets, is -0.09.
When an asset’s CMF is negative, it shows that selling pressure exceeds buying pressure, reflecting bearish momentum in the market.
XRP Price Prediction: Important Levels to Watch
According to XRP’s Fibonacci Retracement tool, if this bearish pressure intensifies, the altcoin’s price could test support at $1.99. If this level fails to hold, the price will extend its decline towards $1.88.
However, if whales continue to accumulate, driving a market-wide wave of XRP purchases, the price could rise to $2.45, invalidating this bearish prediction.
