XRP Price Continues Recovery as Whales Invest $730 Million

XRP has been steadily recovering from recent price setbacks, showing strong bullish potential. The altcoin has been moving in an upward trajectory, backed by large wallet holders known as whales.

These whales are significantly influencing XRPs price action by accumulating massive amounts of the token.

XRP Whales Seem Ready For Rally

Whale addresses holding between 10 million and 100 million XRP have been actively accumulating. These investors have bought approximately 270 million XRP worth around $730 million over the past week. This accumulation indicates a strong conviction in the future of cryptocurrency; especially as large wallet holders tend to have considerable influence on price movements.

These whale investors appear confident that XRP is on the verge of further gains. Their buying activity suggests that they believe the price will continue its recovery and push past resistance levels. As these whales continue to accumulate XRP, it solidifies the bullish sentiment, helping to fuel potential price rallies in the days ahead.

XRP Whale Holding. Source: Santiment

The overall momentum of XRP is shifting positively, with its weighted sentiment showing a notable uptick for the first time in a month. For the past few weeks, sentiment has been predominantly bearish as investors showed caution. However, this shift to positive sentiment reflects growing confidence in XRPs price recovery and suggests an increase in buying activity.

As investor sentiment improves, the price of XRP could see significant upside movement. This shift in sentiment might encourage more participants to enter the market, adding fuel to the recovery and pushing XRP to new heights.

XRP Weighted Sentiment. Source: SantimentXRP Price Aims At $3

XRP is currently trading at $2.70 and is looking to secure this level as a support floor. A successful establishment of support at $2.70 is crucial for XRP to continue its upward momentum. Breaking past the resistance of $2.95 and flipping it into support would further confirm a rally, pushing XRP toward higher targets.

In the short-term, XRPs price could be influenced by its ongoing formation of an ascending wedge pattern. While this pattern is typically bearish in the long term, it is suggesting a short-term bullish breakout. If XRP manages to break through its all-time high (ATH) of $3.40 and higher, it could extend its rally.

XRP Price Analysis. Source: TradingView

However, if XRP fails to breach and maintain $2.70 as support, it could see a sharp decline toward the next support level at $2.33. This would invalidate the current bullish pattern and outlook, potentially delaying or reversing the recovery.