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“Mega whales” set a record for accumulating discounted XRP
Despite XRP falling 7.9% in 24 hours, the rate of accumulation has reached its highest level in the past seven years. At the same time, the number of “whales” holding 100 million tokens has decreased by 20.5%.
However, this outflow appears rather misleading, as “mega whales” have increased their holdings to a record 48 billion XRP.
According to several analysts, the recent accumulation by mega whales is linked to the decline in XRP’s price, which pushed the cryptocurrency into a critical zone. On Monday, XRP fell by 7.92% amid a broader downturn in the cryptocurrency market.
One expert describes the recent drop of the altcoin as an expected move consistent with a bearish wave structure, and a breakdown below $2.04 confirms a shift toward the next critical target at $1.90.
Meanwhile, selling pressure on XRP is easing, and the RSI indicator is showing a bullish divergence. According to the analyst, a move toward $1.90 will trigger a rebound of the asset toward the $2.04 support level, which has now turned into resistance — signaling the beginning of a bullish reversal.
From a technical standpoint, the analyst considers the current situation with XRP extremely critical. Regardless of the final outcome, he predicts that the current trend represents the last wave of XRP’s last pullback before a potential reversal.
See also: "The cryptocurrency Ethereum rose by 10% amid bullish trading during the rally."
