XRP Whales Accumulate 380 Million Tokens Amid Price Decline

XRP whale buying activity has increased significantly over the past week as large holders continue to accumulate the cryptocurrency. According to Santiment, more than 380 million XRP have been purchased by whales in just one week, bringing their total holdings to approximately 8.13 billion XRP.

The recent price decline of XRP has not deterred these big players, who appear to be buying in anticipation of a potential price increase. The $1.06 resistance level remains the primary barrier to a breakout, but if XRP can overcome this hurdle, it could potentially reach $1.64.

Ali Martinez's analysis suggests that a buy setup from the Tom DeMark (TD) Sequential indicator has emerged on XRP's monthly chart, which has been seen before big price moves in the past. This indicator has generated important signals over the last six years, including a 1,074% rally after a buy signal in April 2020 and a 973% surge after a similar signal in August 2022.

Ripple's escrow activity is also playing a role in XRP's price movement. The company recently released 1 billion XRP as planned, but 700 million was returned to the escrow, reducing the amount of newly issued XRP and potentially helping the cryptocurrency if demand becomes stronger.