XRP accumulation spikes as whales grab 200m tokens in 2 weeks

XRP whales have stealthily accumulated in the past two weeks, thereby helping the token’s value to grind as much as 20%, before retracing to trade about $1.46 on March 19.

In early March, XRP whales held about 10.88 billion tokens, which were valued at around $14.57 billion, but have since increased their holdings to 11.10 billion units, worth approximately $16.24 billion, as per metrics from Santiment, an on-chain analytics platform, computed by Finbold.

As such, this token’s value gained bullish momentum in the past two weeks, after moving from $1.34 to $1.46 at press time, hence potentially ending its multi-week choppy trend. Furthermore, this altcoin recently broke out of its supply zone around $1.46, and this level is now its support level.

Can XRP whales guarantee a V-shaped reversal?

Although XRP whales have intensely accumulated in the past two weeks, other factors are still weighing this token’s value down, as per analysis from crypto trading expert EGRAG CRYPTO. Moreover, this analyst believes that the token’s price has been trapped in an ascending triangle, with a major resistance range between $1.65 and $1.75.

As a result, the odds of XRP whales guaranteeing a V-shaped reversal will remain thin, if other major triggers are not realized. For instance, this analyst highlighted that the passage of the Clarity Act in the United States will be a massive bullish catalyst.

Consequently, the XRP whales will heavily rely on cumulative positive fundamentals to counter bearish forces catalyzed by the four-year cycle, which indicates a macro bear market.

Robust fundamentals for XRPL to consider

The XRP bullish outlook is bolstered by strong fundamentals that align seamlessly with institutional investors. For instance, amid the notable high demand for this token by institutional investors, Ripple Labs-backed Evernorth filed an S-4 to go public via SPAC, thus seeking to become a Nasdaq-listed XRP treasury company.