Recent on-chain insights reveal that XRP whales have engaged in substantial net purchasing, a trend that may signal positive prospects for the asset’s value. Analyst Ali Martinez pointed out this phenomenon in a post on X, emphasizing that XRP whales have been bolstering their holdings over the past 48 hours.
The primary metric in this evaluation is the “Supply Distribution” from the analytics firm Santiment, which monitors the volume of supply possessed by various wallet categories. These addresses are segmented based on their holdings; for instance, wallets containing between 1 and 10 coins belong to one category, while those with 10 million to 100 million coins—roughly equivalent to $26.5 million to $265 million at current exchange rates—are classified as whales.
Given their considerable holdings, these whales can greatly impact market trends, rendering their purchasing behavior particularly significant. According to the data, XRP whales have jointly added 150 million tokens, valued at approximately $400 million, to their assets in the past few days. This accumulation has taken place despite a recent dip in the asset’s price, implying that these investors view the decline as a temporary challenge.
In a related update, Martinez also highlighted XRP’s recent price action, noting that the asset has been striving to break out from a potential “Ascending Triangle” formation. This technical analysis pattern occurs when an asset’s price consolidates within a channel characterized by a horizontal upper limit and a rising lower limit.
The analyst estimated that XRP could witness a 4% rise towards $2.68 as it breaks free from this pattern. Subsequent price charts validate that the asset’s value has indeed escalated following this breakout, reinforcing the idea that the whales’ accumulation might serve as an early signal of a bullish shift for XRP.