XRP Surges as Whales Load Up and ETF Flows Continue
XRP has seen significant gains in recent days, with the price increasing by 4% on Friday. This surge can be attributed to whale accumulation and consistent buying from US spot XRP ETFs.
According to widely followed crypto analyst Ali Martinez, whales have accumulated over 470 million XRP in just five days, worth around $724 million. This significant increase has led to an inverse head-and-shoulders pattern forming on the daily chart, indicating a potential bullish breakout.
The consistent buying from US spot XRP ETFs also supports this trend. On September 24, these ETFs added $14.89 million, marking a third straight day of inflows following $18.04 million on September 23 and $20.02 million on September 22.
However, there is a risk worth watching: the recent hack on Bitget, which affected several major networks and tokens. While Bitget's CEO assures that their on-chain cold wallets remain secure, this incident highlights the importance of security in the crypto space.