- The number of XRP whales dropped significantly despite increased accumulation.
- Technical analysis reveals that XRP has entered into a critical region.
- Short-term price action would be crucial for XRP’s next move.
On-chain data signals a massive consolidation of power within the XRP ecosystem, as ‘mega-whales’ aggressively absorb supply from fleeing investors. While the asset’s price slumped 7.9% Monday alongside a broader crypto correction, the underlying ownership structure has reached its most concentrated level in seven years.
Related: Will XRP Turn Bullish or Bearish This Month? Here’s What History Says
XRP’s Accumulation Squeeze
Market intelligence platform Santiment has identified an interesting development in that XRP has experienced a 20.6% drop in the number of whales holding at least 100 million tokens.
However, this exodus seems misleading; since the remaining elite tier of holders has simultaneously increased their cumulative stash to 48 billion XRP.
This pattern suggests that while tourist whales are capitulating to volatility, long-term institutional hands are cannibalizing the sell-side pressure. This high-conviction accumulation often precedes a supply shock, as the floating supply available for retail investors shrinks.
XRP Plunges Into ‘Critical Zone’ With a 7.92% Decline
Santiment’s latest observation comes amid an XRP price decline, which plunged the cryptocurrency into a critical area, according to technical analysts. XRP declined 7.92% on Monday, following a broader crypto market decline, which saw Bitcoin break below the $90,000 landmark.
In the meantime, a cryptocurrency analyst posting on X described XRP’s latest collapse as an expected move, following his prediction from last week. According to the analyst, the cryptocurrency’s move aligned with a bearish wave structure, with a break below $2.04 confirming an evolution into a noted subwave 3, leaving $1.90 as the next critical target.
Selling Pressure is Fading for XRP
Meanwhile, selling pressure on XRP is fading, with the RSI indicator developing a bullish divergence. According to the analyst, a move to $1.90 will trigger a bounce for XRP, aiming for the $2.04 support-turned-resistance, which will signal the early stage of a bullish reversal.
From a technical perspective, the analyst considers XRP’s current situation significantly critical. According to him, either of two scenarios, including a double-bottom around $1.88 and a deeper sweep to $1.64, will follow the ongoing price behavior. Whatever the outcome, he predicts the unfolding trend as the final wave of XRP’s latest pullback ahead of a potential reversal.
Vanguard Provides Accessibility for XRP ETF
Meanwhile, the crypto analyst acknowledged the effect of macro factors surrounding XRP, noting their potential to boost the cryptocurrency’s demand and promote adoption. For instance, Vanguard, a leading ETF provider, has included XRP among the products accessible on its platform.
According to reports, the trading platform has launched exposure for Bitcoin, Ethereum, XRP, and Solana, aligning crypto with other non-core assets it already supports.
Related: XRP Price Prediction: Sellers Force Fresh Lows As XRP Slips Toward Major Support
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Source: https://coinedition.com/who-is-buying-the-xrp-dip-mega-whales-hit-7-year-record-holdings/
