XRP Price Bounces Back as Whales Reenter Market
XRP's price has been hovering around $1.39 as it recovers from a recent dip to $1.60, settling into a tight range between $1.35 and $1.45.
According to on-chain data and technical analysis, a potential breakout is underway, setting the stage for an upcoming rally.
The XRP Whale Accumulation metric, provided by CryptoQuant, has rebounded sharply in September after fading in late August. This suggests that whale activity is picking up again, which could be a bullish sign for the price.
Additionally, Spot XRP ETFs are witnessing strong inflows, indicating significant interest from institutional investors. The cumulative ETF inflows have reached $1.68 billion, and the total assets under management (AUM) have exceeded $1.48 billion.
Crypto analyst Ali Martinez has shared his views on XRP's technical chart, pointing out a descending triangle formation. He predicts that the price will rally towards $1.46 following a confirmed breakout above $1.40 and recommends waiting for an hourly close above $1.40 before entering.