Citing data from Santiment, popular analyst Ali Martinez noted on Saturday that Ripple whales have gone on a spectacular accumulation spree in the past four days, acquiring over 1.5 billion tokens.
At the same time, other on-chain and technical signals suggest that the recent selling pressure might be easing and the underlying asset could be preparing for another leg up.
Ripple Whales Go Big
These key market participants, whose actions are typically mimicked by retail investors, have accumulated approximately 1.54 billion XRP in about 96 hours. At current prices, this stash is worth around $2 billion. The timing of the buying spree was quite intriguing, as it began with the CLARITY Act setback in the US Senate, which pushed the token’s price down sharply.
However, accumulating over 1.5 billion tokens in such a short time has helped the asset recover, which is among the reasons XRP surged to over $1.45 on Friday and Saturday after it had bottomed at $1.27 on Tuesday following the Senate vote.
Martinez also believes that this spectacular accumulation spree can soon “translate into price action, leading to a bullish breakout.” He has previously predicted that XRP is primed to challenge the key psychological level at $2.00.
Next Targets
Crypto Patel also noted that XRP is sitting above a “major long-term accumulation zone” on the 2-week chart, and it has reclaimed its long-term structure. As such, the analyst outlined some major targets that begin with the potential run toward the first crucial resistance at $1.70. If that one falls, the asset could head toward $3.00, and Patel’s long-term target remains at a whopping $10 or even beyond.
Meanwhile, Dark Defender said XRP’s 5-wave structure is “rock solid,” after the asset “said bye-bye” to a key resistance capping its breakout attempts. The analyst was slightly more modest in their predictions, indicating that the next targets for XRP are $1.70 and $1.88. Recall that XRP’s run in mid-August was halted at the former, after it skyrocketed by 70% in less than 72 hours.
Source: CryptoPotato
