Whales, large investors known for their massive holdings, have seized over 140 million XRP tokens valued at around $84 million in the past week.
This surge in buying pressure is attributed to Judge Phyllis Hamilton’s landmark ruling in Ripple’s ongoing legal process, which extended the deadline for excluding four expert testimonies until July 26. Crypto tracking service Whale Alert identified substantial on-chain movement of approximately 140 million XRP ($84 million).
A chart revealing whale traders’ trends from early June to mid-July 2024 shows a price drop in early June, followed by a consolidation phase from mid-June to early July.
Large holdings decreased before recovering, suggesting a reaccumulation phase. XRP’s price began rising in mid-July, coinciding with a notable rise in large investor holdings, indicating active accumulation.
As of press time, XRP is trading at $0.604, showing a 10% gain on its weekly chart. The cryptocurrency’s rally has continued this week, with buyers dominating the market.
The key support level is $0.54, with $0.68 as a resistance level. The weekly MACD (Moving Average Convergence Divergence) remains strong, indicating a clear bullish trend with higher highs on the histogram.
