A breakout from the tight upper Bollinger Bands at $0.69 could signal a bullish run for XRP.
The cryptocurrency market has witnessed some fluctuations recently, with major coins like Ethereum (ETH) and XRP experiencing price spikes. These movements have caught the attention of whales, large investors with substantial holdings, leading to an accumulation of these digital assets.
XRP Resurgence and Whale Accumulation
XRP, faced a price drop, reaching a low of $0.42 in mid-April, its lowest point since August last year. However, the coin swiftly found a support level, rebounding the following day and climbing to $0.50 Despite bears’ efforts to push the price down, the bulls maintained the momentum, propelling XRP to $0.57 after a week. Consequently, within the last 10 days, the price of XRP has surged by over 28%. At the time of writing, a red candlestick is emerging, signaling a potential retracement before the continuation of the bullish momentum.
The recent surge in XRP has been fueled by increased accumulation from whales. According to Santiment, an on-chain analytics firm, over the past six weeks, the count of wallets holding at least one million XRP (approximately 2,013 wallets) has risen by 3.1%. Additionally, the current count of these wallets is very close to the all-time high.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx
— Santiment (@santimentfeed) April 22, 2024
The bullish sentiment surrounding XRP has been further fueled by its current price action. Based on a recent analysis carried out by Tony “The Bull” Severino, a crypto analyst and Head of Research at NewsBTC, the one-month Bollinger Bands for XRP are the tightest ever in history, emphasizing that the last time they were this tight, the 65,000% rally followed.
According to this analysis, a breakout from the tight upper Bollinger Bands at $0.69 could signal a bullish run for XRP, supported by historical trends of significant uptrends. However, the coin’s future trajectory remains uncertain due to the ongoing legal dispute with the US Securities and Exchange Commission (SEC).
Ethereum Whales Accumulating
Ethereum (ETH), the second-largest cryptocurrency after Bitcoin, has also seen whale accumulation, as reported by Lookonchain on X. According to the post, a whale possibly linked to Justin Sun, withdrew 4,666 ETH worth approximately $14.91 million from the Binance exchange. The same whale had previously bought 132,054 ETH (worth around $420 million) at an average price of $3,173 since April 8.
Another on-chain data report by The Data Nerd on X revealed that another whale also accumulated 5,827 ETH (worth approximately $18.65 million) from Coinbase exchange.
These substantial purchases by whales signal a firm belief in the future trajectory of Ethereum. While ETH has experienced a sideways trend since mid-April, it started to rally again in the last 3 days, gaining 12% so far as it now trades around $3,200.
Bolstering the bullish sentiment, a self-proclaimed Angel Investor on X, That Martini Guy, boasting over 540,000 followers, boldly declared, “$4,000 Ethereum is coming”. His confidence arises from the potential approval of an ETH ETF, which various analyses suggest could propel the coin to revisit its all-time high and potentially establish a new record.
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