Whales Scoop Up 130M XRP as Price Eyes $3.82

Whales aggressively accumulated over 130 million XRP during a recent price dip. A top analyst suggests the token is poised for a potential breakout toward $3.82.

Whale Accumulation and Analyst’s Prediction Signal Potential XRP Breakout

Whales have bought over 130 million XRP within the past 24 hours, according to data from Ali_Charts shared on X. This accumulation came as XRP dipped toward the $3.00 support level.

Whale wallets holding 10 to 100 million XRP increased their balances during the price drop, showing strong buying activity. This accumulation coincides with a Nature’s Miracle’s launch of a $20 million XRP treasury program.

According to CasiTrades on X, XRP tested the $3.21 resistance but failed to break it. It has now retraced to the key $3.00 support level. The analyst added that XRP has completed a wave 2 correction, reaching the 0.854 Fibonacci retracement. This zone historically acts as a strong bounce point.

If the low holds, XRP may begin a wave 3 rally. The next target lies around $3.82, based on the 2.618 Fibonacci extension. CasiTrades noted this level matches XRP’s previously cited all-time high, which adds confidence to the bullish setup forming on the chart.

Derivatives Activity Declines, But Bullish Sentiment Holds

Meanwhile, derivatives data from Coinglass shows falling trading activity. Volume declined by 37.07% to $15.43 billion. Open interest decreased by 5.77% to $8.87 billion. The volume and the open interest for options fell by more than 75% and 95%, respectively implying that traders are taking up less of risk before the next leg.

The longs have been dominant on the top platforms, even though the volume is low. On Binance, the long/short ratio for XRP stands at 2.82 demonstrating that the majority of accounts expect the token’s price to rise. The ratio on OKX is also 2.08 similar to that on Binance.

This shows experienced traders are maintaining bullish bets while overall market activity slows. The overall 24-hour long/short ratio stands at 0.908, suggesting balanced pressure across the board.

XRP currently trades at $3.14 according to current CoinMarketCap data. It is down 1.41% in the last day. The price dump in the last 48 hours has been linked with the transfer of $175 million XRP to exchanges by Ripple co-founder Chris Larsen.

Paul

Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]