XRP Whales Buy 140 Million Tokens, Eyes the $1 Mark as Whales Regain Confidence

XRP whales look to have regained their confidence in the XRP token, with recent data showing an accumulation trend among these investors.

XRP whales have shown renewed interest in the XRP token, with recent data indicating an accumulation trend among these investors. This development is noteworthy as XRP eyes the $1 mark and these whales could contribute to such a price rally.

Crypto analyst Ali Martinez shared data from Santiment, revealing that XRP whales purchased over 140 million XRP ($84 million) this past week. This activity highlights these investors' confidence in XRP's future trajectory, with a growing belief that the crypto token could finally experience a significant rally after consolidating for the past six years.

This increasing whale accumulation is also a factor that could contribute to such a rally, as these whales can use their market influence to push XRP's price to new highs. Santiment recently noted that XRP's impressive rebound is being supported by the rising level of coins held by XRP whales and sharks, with over 100,000 tokens. According to Santiment, this category of investors now holds over 51 billion XRP tokens, marking an all-time high (ATH).

In addition to this significant whale accumulation, network activity on the XRP ledger (XRPL) also paints a bullish picture for XRP. Santiment revealed that the XRPL is witnessing a notable increase in new addresses created and total addresses interacting on the network, with both metrics reaching their highest levels since March.

Specifically, data from Santiment shows that 1,721 new XRP wallets were created on July 18 and that 47,363 individual addresses interacted on the network that day. This also serves as a bullish signal, suggesting that retail investors are flocking into the XRP ecosystem in anticipation of higher prices from the crypto token. XRP's technicals also suggest that a significant price rally is on the horizon.

Crypto analysts like Mikybull Crypto have analyzed XRP's chart and provided a bullish narrative for the crypto token from a technical perspective. Mikybull Crypto recently stated that the crypto token is about to break a six-year consolidation triangle, which he claims will lead to a “long sustained enormous rally.”

Crypto analyst Alex Clay also claimed that XRP is breaking out of a symmetrical triangle, which it has been consolidating inside for years. The analyst predicts that the crypto token could rise to as high as $3 in the long term following this massive breakout.

Crypto analyst Nico also highlighted XRP's Relative Strength Index (RSI), which paints a bullish outlook for the crypto token. The analyst stated that the RSI is “looking really good at around 44.31.” Nico adds that XRP is about to “take off to the moon” if it can keep this momentum.

At the time of writing, XRP is trading at around $0.60, down almost 1%in the last 24 hours, according to data from CoinMarketCap.