XRP Whales – wallets holding at least 1 million tokens – have been in a buying mode over the past seven days, despite a renewed XRP sell-off from the US. ETFs (exchange-traded funds) issuers.
According to XRP, XRP millionaire wallets accumulated 70 million tokens from July 9 to 15. Data from saint Shared by Ali Martinez on July 16. Having purchased over $77 million worth of XRP at the time of publication, XRP whales own approximately 3.8 billion tokens, worth approximately $4.18 billion at the time of publication.
Increased demand from XRP whales over the past seven days has coincided with renewed selling in US ETFs, according to Metrics from SoSoValue. The accumulation of individual “portfolios” of XRP amid renewed selling by US institutional investors could indicate increasing bullish conviction from the former group due to the token’s regulatory clarity.
Furthermore, the XRP community is celebrating three years since the court ruled that the token is not a security. Meanwhile, XRP whales may be considering the expected passage of the Clarity Act, a bill that would establish clear rules for the currency. Cryptocurrency Industry, given bipartisan support.
What’s next amid XRP whale accusation?
The accumulation of XRP whales occurred amid growing bullish sentiment. From a technical analysis point of view, XRP price could form a potential reversal pattern, characterized by an inverse Head and Shoulders (H&S).
Moreover, the daily Relative Strength Index (RSI) is forming a bullish divergence since the XRP price capitulated in early June. Amid lower sell-off by XRP whales, daily moving average convergence divergence (MACD) indicates bullish sentiment.
However, the AI algorithm’s mid-term XRP price forecast remains bearish, with an average target of around $0.97, Finbold said. I mentioned. As such, if XRP millionaire portfolios continue to accumulate amid the ETF sell-off, the potential reversal pattern could be delayed until both groups accumulate simultaneously.
