In the midst of ongoing market uncertainty, XRP, the native token of Ripple Labs, is drawing significant attention from crypto enthusiasts. The digital asset has exhibited bullish price action despite a slight daily decline, fueled by increased trading volume and substantial whale accumulation.
Whales Purchase 60 Million XRP Tokens
On February 17, 2025, a leading crypto expert revealed on X (formerly Twitter) that large investors, commonly referred to as whales, had purchased a staggering 60 million XRP tokens within the past 24 hours. Despite this notable accumulation, XRP’s price remains relatively stable, currently trading near $2.70 with a minor 1% decline in the last day.
Whales bought 60 million $XRP in the last 24 hours! pic.twitter.com/1hiTMGHNxO
— Ali (@ali_charts) February 17, 2025
However, the heightened interest in XRP is evident in its trading volume, which has surged by 22% in the same period. The increasing participation of traders and investors suggests a growing optimism surrounding the token’s future price trajectory.
XRP Technical Analysis and Key Levels
Technical analysts highlight a bullish cup and handle pattern forming on XRP’s four-hour chart, a classic indicator of an impending breakout. If the asset successfully breaks and closes a four-hour candle above the $2.80 resistance level, analysts anticipate a 20% surge, potentially propelling XRP to the $3.20 mark in the near future.
Currently, XRP is finding strong support at the 200 Exponential Moving Average (EMA) on the four-hour timeframe, reinforcing its position within an uptrend. This critical support level indicates that bulls remain in control, setting the stage for a potential breakout.
Traders’ Bullish Sentiment
On-chain data from Coinglass reveals that traders are largely betting on the long side. At press time, XRP’s long positions are significantly dominant, with $28 million worth of leveraged positions at $2.62. Meanwhile, short traders have concentrated around $2.73, amassing $12.66 million in short positions.
These metrics suggest strong bullish sentiment, with whales and retail traders aligning to push XRP higher. Should the momentum continue, XRP may soon experience a notable rebound, positioning itself as a top performer in the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
