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XRP Whales Accumulate $276M Amid Market Uncertainty

XRP Whales Accumulate $276M Amid Market Uncertainty

TL;DR

  • XRP whales bought over 470 million tokens in the last 10 days.
  • The price of crypto has fallen by 4.1% due to the conflict between Iran and Israel.
  • Despite the bearish sentiment, Ripple remains in an uptrend according to technical analysis.

XRP whales have taken advantage of the recent market crash to accumulate a large amount of tokens.

According to information shared by a renowned analyst, @ali_charts, more than 470 million XRP tokens have been acquired by whales in the last 10 days, worth approximately $276 million.

This wave of massive buying could be influenced by the news that Bitwise has registered a trust in Delaware for a potential Ripple XRP ETF, which has sparked speculation about growing institutional interest.

However, the cryptocurrency market is facing an overall bearish scenario.

XRP has lost 4.1% of its value in the past 24 hours, partly as a result of rising tensions between Iran and Israel.

Despite this drop, trading volume has increased by 35%, indicating greater investor participation in a context of uncertainty.

Technical analysis shows that XRP remains in a long-term uptrend as its price remains above the 200-day exponential moving average (EMA), a positive sign for many analysts.

However, in the short term, indicators suggest that the asset could face further downward pressure.

A bearish candlestick pattern has formed near the resistance level of $0.65, which could anticipate a further 8% drop in the coming days.

XRP Whales Accumulate $276M Amid Uncertainty

Bearish indicators on the XRP chain

In addition to technical analysis, on-chain data reinforces this bearish sentiment.

The Long/Short ratio of the crypto is currently 0.98, which indicates that a majority of traders are taking bearish positions.

Additionally, open interest in XRP futures has decreased by 13% over the past 24 hours, reflecting an increase in position liquidation and a withdrawal of investors from the market.

With all these factors combined, it is evident that the XRP market is dominated by short-term bearish positions.

While whales continue to accumulate tokens, which could suggest a bullish long-term view, current indicators show that XRP could face more challenges in the coming days before stabilizing or seeing a recovery.

Whale behavior will be key to future market movements.

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