The weekend is gone, and crypto traders could be satisfied with the price action last week. XRP holders are among the most pleased as the price continues to surge, now trading above $1.5.
Popular crypto analyst Ali Martinez pointed out this morning that Ripple whales embarked on a significant buying spree during the weekend. Data shows that large holders controlling between 1 million and 10 million XRP accumulated over 50 million tokens in this period. This substantial accumulation coincided with XRP’s impressive 29% price increase over the past week.
The digital asset has been displaying strong bullish momentum since early November. After consolidating between $1.2 and $1.35, XRP broke out decisively, pushing beyond the $1.5 mark. Trading volumes have notably increased during this rally, suggesting broad market participation rather than isolated moves.
The recent price action shows strong demand at lower levels, with buyers consistently stepping in to support the price, as evidenced by the market structure. While the current momentum appears robust, key support levels remain at $1.35 and $1.2, areas where previous accumulation took place.
Looking at the on-chain metrics, the data reveals an interesting pattern in whale behavior. The charts show a sharp uptick in whale holdings that perfectly matches the recent price movements, backing up Martinez’s observations. What’s particularly noteworthy is how whale activity reached its peak in mid-November, just before XRP made its major move upward. These large holders appear to have positioned themselves ahead of the current rally, showing their growing interest in accumulating XRP tokens.
The timing of these large purchases suggests these major holders may be positioning themselves based on their market outlook or potential developments within the Ripple ecosystem.
Read also: Federal Reserve Expands Hedera (HBAR) and XRP Integration for RLUSD Payments
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