CandleFocus XRP Large Investors Accumulate $1.29 Billion Tokens Amid Market Uncertainty
2024-12-13
Author: Content Editor
Despite a period of consolidation and bearish sentiment, large investors in XRP, known as "whales," have been actively accumulating the cryptocurrency. This reflects their sustained confidence in XRP's long-term potential, potentially setting the stage for a breakout and a target of its multi-year high of $2.90. A group of these large investors have added approximately 590 million XRP to their holdings in the past week, amounting to around $1.29 billion. This accumulation signals strong confidence and can create upward pressure on the market, potentially leading to price rallies. Derivatives traders remain optimistic about a rally based on the altcoin's positive funding rate. XRP is currently trading at $2.34, holding above the support level at $2.20, and a successful breakout above $2.62 could push its price to $2.90. However, if whale accumulation slows and bearish sentiment increases, XRP's price may fall below $2.20.
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