XRP Whales Accumulate Amidst Bearish Technicals and Regulatory Uncertainty

XRP's largest holders have been accumulating tokens at an unprecedented rate, despite the cryptocurrency facing its sternest test yet around the $1 support line. On-chain data reveals that wallets holding at least one million XRP have grown by 32 over the past quarter to roughly 2,033.

This accumulation has not been gradual; a single 24-hour window earlier this week saw whales sweep up more than 72 million tokens. The collective hoard of large holders now stands above $8.2 billion at current prices.

However, the technical picture remains unforgiving. XRP sits about 7.2 percent below its 50-day moving average of $1.08, and the gap to the 200-day average of $1.30 stands at a chunky 23 percent.