XRP Price Surges as Whales Accumulate $724 Million
XRP has experienced a 4% price surge on Friday as large holders, known as whales, accumulated over $724 million worth of XRP in just five days. According to widely followed crypto analyst Ali Martinez, these whales bought more than 470 million XRP during this period.
Martinez also pointed out an inverse head-and-shoulders pattern forming on the daily chart, which could indicate a bullish breakout is imminent. This trend is further supported by consistent buying from US spot XRP ETFs, with $14.89 million added on September 24, following inflows of $18.04 million and $20.02 million on the previous two days.
This accumulation of demand from both institutional and large-holder wallets has contributed to the price increase. However, a potential risk worth watching is the Bitget hack, which affected several major networks and tokens, including XRP Ledger.