XRP Whales Accumulate 380 Million Tokens Ahead of Potential Bullish Surge

Recent on-chain data reveals a significant accumulation of XRP by large investors, commonly referred to as whales. These entities, which are between 10

Large XRP investors, often known as whales, have recently shown a significant interest in accumulating the cryptocurrency. According to recent on-chain data, these entities, which hold between 10 million and 100 million XRP, have noticeably increased their XRP balance over the past ten days. This development appears to be linked to a recent uptick in XRP's price movements.

According to Santiment's Supply Distribution metric, XRP whales have acquired an additional 380 million XRP, valued at roughly $223 million. This accumulation began when XRP was trading at $0.53, indicating that these high-net-worth investors were interested in purchasing the asset at this price point.

The activities of whales are frequently used to gauge the direction of a particular cryptocurrency's price. This is due to the fact that the buying and selling habits of these large buyers and sellers tend to generate substantial waves in the market because they collectively control a significant portion of the market.

In this instance, the whales loaded up on XRP prior to a price increase of around 10%, lending credence to the notion that their activities can contribute to price increases. As the price of XRP continues to rise, XRP whales have shown no signs of slowing down their purchasing spree.

This sustained accumulation suggests that these major investors anticipate further price appreciation, increasing the likelihood of a sustained rally in the near future. This is not the first time that whale behavior has positively influenced the price of XRP.

A similar accumulation in early August also played a role in driving up the price. As long as whales continue to buy, there is a good chance that the cryptocurrency will maintain its bullish trend.

An analyst predicts a bullish surge based on market patternsAt press time, XRP is trading at approximately $0.585, up nearly 2% in the past week. Market analyst EGRAG recently shared a bullish outlook on XRP, suggesting that the token may rally based on principles of Elliott Wave Theory and Fibonacci retracement levels. According to EGRAG, XRP could reach double-digit figures and even higher in the long term.

EGRAG's analysis focuses on the potential development of Wave 5, a concept within the Elliott Wave Theory. According to the theory, Wave 5 is typically 1.236 to 1.618 times the size of Wave 4, or it can be the same size as Wave 1 or cover 61.8% of the total length of Waves 1 and 3. In each of these scenarios, the price targets are positioned above Fibonacci level 3, indicating that the bullish momentum for XRP is expected to be strong.

To illustrate this perspective, the market analyst included a chart that tracks XRP's price movements over the past three months. The chart depicts the price of the XRP token as it progresses through the conventional Elliott Wave pattern from Wave 1 to Wave 4 and provides an estimation of the potential size of Wave 5. Based on the Fibonacci levels, EGRAG anticipates XRP to rise past $33, reaching Fibonacci level 3.

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