XRP whales, or wallets holding over 1 million tokens, have ramped up their purchases significantly over the past week. Between July 9 and July 15, these wallets added 70 million XRP tokens, totaling approximately $77 million, as reported by Ali Martinez on July 16.
Despite a broader sell-off in the U.S. ETFs, XRP millionaires now control about 3.8 billion tokens, valued at around $4.18 billion. The increasing accumulation of XRP by these investors could hint at a growing bullish sentiment, even as institutional investors appear to be retreating.
This bullish trend aligns with a notable anniversary for the XRP community, celebrating three years since a court ruled that XRP is not classified as a security. Additionally, whales may be anticipating the passage of the Clarity Act, which aims to create well-defined regulations for the cryptocurrency sector.
Technical analysis reveals that XRP's price may be forming an inverse head and shoulders pattern, suggesting a possible reversal in its market direction. The Relative Strength Index (RSI) has shown bullish divergence since early June, and with a decrease in whale sell-offs, the daily Moving Average Convergence Divergence (MACD) indicates rising positive sentiment.
However, forecasts for the midterm remain cautious, with estimated targets around $0.97. If whales continue to accumulate while ETF sell-offs persist, the anticipated reversal might take longer to materialize.
This material is informational and not financial advice.
