As XRP hovers near a critical resistance level, large holders have been quietly amassing tokens, signaling a potential bullish shift. Recent on-chain data reveals that whales have accumulated over 380 million XRP, indicating confidence at current price levels.
Buy Signal Sparks Optimism
The Tom DeMark Sequential indicator has flashed a buy signal on XRP’s monthly chart, suggesting a possible shift from bearish to bullish momentum. Historically, this indicator has marked significant price reversals, including a 1,074% rally in April 2020.
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With XRP currently trading at $1.039, the buy signal adds a layer of intrigue as traders watch for a potential breakout.
On-chain data also highlights that nearly 3 billion XRP were transacted around the $1.06 resistance level. A monthly close above this mark could pave the way for a rally to $1.35 and potentially $1.64.
Macro Outlook and Market Sentiment
With market sentiment still gripped by Fear, the accumulation by whales and the buy signal carry more weight than usual. Traders are closely monitoring these developments, as a sustained move above key resistance could signal a broader market recovery.
As XRP battles at the $1.06 threshold, the outcome could have significant implications for its trajectory. Currently, XRP is trading near $1.039, reflecting the cautious optimism among market participants.