"XRP Whales Accumulate 150M Tokens Amidst Bearish Pressure; SEC Reviews XRP ETF Applications"

XRP whales have been actively buying the cryptocurrency, accumulating a significant amount of tokens despite the current bearish pressure. According to on-chain analyst Ali Martinez, whales have purchased around 150 million XRP in just 48 hours, even as the asset struggled to maintain its support above $2.50. This accumulation could signal a potential turning point for XRP, as such moves have historically preceded price rebounds when large investors engage in bulk buying.

In the short term, XRP is facing resistance around $2.75, a level where previous attempts to break higher have been met with selling pressure. On the downside, the $2.40 to $2.50 range has acted as strong support. If XRP can sustain its upward momentum and clear the resistance, it could trigger a bullish breakout towards $3. However, a deeper correction towards $2.20 may follow if it loses support.

In the long term, cryptocurrency analyst Dark Defender highlighted the next price targets to watch for XRP. The expert noted that XRP appears to be following the Elliott Wave structure, positioning itself for an explosive move into Wave 3, which is typically the strongest phase of the cycle. Key support levels are $2.4467 and $1.9996, while resistance looms at $2.6052 and $3.3999, with a potential surge targeting $5.8563 and beyond $8 if momentum sustains.

Adding to the bullish outlook, XRP is rebounding off the Ichimoku Cloud, a technical indicator that suggests a strong upward continuation. This setup is reminiscent of past XRP breakouts, such as the November rally that saw the token surge out of a prolonged consolidation below $1.

The Securities and Exchange Commission (SEC) has begun reviewing applications from 21Shares and Bitwise to list spot XRP exchange-traded funds (ETFs), acknowledging their filings on February 14 and February 18, respectively. This initiates a formal process, including a 21-day public comment period. Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of approval, highlighting growing institutional interest in XRP.

As of press time, XRP was trading at $2.60, down almost