Whale Activity Signals Confidence

XRP whales have been quietly accumulating substantial amounts of the cryptocurrency over the past 72 hours, according to on-chain data analyzed by Ali Martinez. The buying activity totaled approximately 120 million XRP tokens, suggesting that large-scale investors see the recent price pullback as a buying opportunity.

This accumulation pattern emerged just as XRP was defending its multi-week support levels. The timing of these purchases indicates that whales believe the token’s recent decline may have reached its bottom. It’s interesting to note how these large investors often move when retail sentiment turns cautious.

Price Recovery and Market Context

At the time of writing, XRP was trading around $2.88, showing some recovery from last week’s dip that briefly pushed prices below $2.80. The broader market context matters here – while Bitcoin experienced a significant drop from $116,000 to near $109,000, XRP demonstrated relative resilience.

The token’s market capitalization currently stands above $172 billion, with trading volumes surging nearly 40% in the past 24 hours. This combination of whale accumulation and increased trading activity creates an interesting dynamic for the asset’s near-term prospects.

Technical Levels and Future Outlook

The whale activity adds to XRP’s resilience narrative, but the real test lies ahead. The token faces significant resistance levels at $2.94 and $3.18, which have proven challenging to overcome in recent trading sessions.

If these resistance levels can be cleared, analysts suggest a larger rally could potentially unfold heading into October. However, it’s worth being cautious about such predictions – market conditions can change rapidly, and technical analysis provides guidance rather than guarantees.

The key factors to watch now include whether whale accumulation continues and whether XRP can maintain its current momentum. The psychological $3 level remains an important milestone that traders and investors are monitoring closely.

Market depth appears to be improving, which could provide additional support for price stability. But as always in cryptocurrency markets, volatility remains a constant companion, and positions can reverse quickly based on broader market sentiment and external factors.