XRP News Today: Whales Accumulate 420 Million XRP in One Week, Price Surges 6%

XRP, the cryptocurrency associated with Ripple, has seen a notable increase in activity from large holders, or whales, who have been quietly accumulating the token. On-chain data reveals that hundreds of millions of XRP have been moved in recent weeks, indicating that these significant investors are positioning themselves for a potential price surge.

In just one week, whales acquired over 420 million XRP tokens, valued at more than $915 million. This substantial purchase demonstrates strong confidence among investors in XRP. However, retail interest has been waning, with new wallet creation dropping to a two-month low. This disparity suggests that while whales are actively buying, retail investors remain cautious.

XRP's price has shown volatility, recently surging 6% to $2.23 as over 108 million XRP traded in a single hour. Whales were particularly active during this rally, and the price held steady due to strong buying pressure. On-chain data indicates that whales have been actively moving XRP over the last two weeks, with significant transfers occurring on June 18, June 12, June 15, and June 19. These transactions, totaling over 280 million XRP, were likely strategic moves by whales preparing for potential market shifts.

The number of wallets holding over 1 million XRP has reached a record high of 2,850, further confirming the accumulation trend. Additionally, XRP experienced a massive 442.7% jump in daily active addresses, hitting 181,000 in just 24 hours. This spike indicates growing user interest and real network activity.

XRP is currently trading at $2.18, up 3.6% in the last 24 hours. It has shown gains of 2.7% over the past week and has recovered after dipping below $2.00 earlier in the week. The recent rebound and rising volume suggest that buyers are stepping in. However, for a clear breakout, XRP must hold above $2.20. If rejected, the price could revisit the $2.05–$2.10 support range.

Technical indicators are mostly neutral, with momentum and MACD showing mild bullish signals. The short-term EMAs are bullish, while the longer-term SMAs (50, 100, 200) still show some resistance. The falling wedge formation, which has been building for over seven months, suggests a period of consolidation before a potential upward move. If XRP can clear its current resistance levels, it could target a price of $3.00, representing a 35% gain from its current levels, according to analysts' forecasts.

Despite these positive signs, XRP has faced challenges. After a recent court loss by Ripple, the price of XRP fell by 4% to $2.13. Traders are now eyeing the $2.00 support level as a crucial point that could determine the future direction of the price. A breakdown below this level could increase the risk of a further drop to $1.47.

Overall, the sentiment among analysts remains bullish. The quiet accumulation by whales, combined with the technical patterns observed in the market, suggests that XRP is building pressure for a potential breakout. However, investors should remain cautious and monitor the market closely, as the cryptocurrency landscape is known for its volatility and unpredictability.