XRP Whales Unleash Buying Frenzy to Defend Key Psychological Floor
Major XRP holders have been quietly accumulating the cryptocurrency over the past week, snapping up more than 380 million coins and increasing their combined balance to a whopping 8.13 billion.
Data from Santiment shows that these large investors are essentially building a 'wall of money' to defend the key $1 psychological floor.
According to analyst Ali Martinez, this buying spree is likely driven by a strong trigger on the charts, specifically the Tom DeMark (TD) Sequential indicator, which has predicted two of XRP's biggest rallies in the past six years.
The indicator produced a buy signal on the monthly timeframe, and over the past week, 3/5 whales appear to be positioning for a potential breakout above the $1.06 level, which has previously seen significant trading activity.
However, analysts note that this momentum will depend on the broader market environment, with the industry being rattled by the postponement of the U.S. CLARITY Act and disputes surrounding Ripple's new Mint platform.