XRP whales scoop up 70 million tokens in a week

XRP whales – wallets holding at least 1 million tokens – have been on a buying spree over the past seven days, despite a renewed XRP sell-off from United States spot ETFs (exchange-traded funds) issuers. XRP millionaire wallets accumulated 70 million tokens between July 9 and 15, according to data from Santiment shared by Ali Martinez on July 16. Having purchased XRP valued at over $77 million at press time, XRP whales held approximately 3.8 billion tokens, valued at approximately $4.18 billion at the time of publication.

The rising demand from XRP whales over the past seven days has coincided with a renewed sell-off in U.S. ETFs, according to metrics from SoSoValue. The individual ‘wallets’ accumulation of XRP amid a renewed sell-off by U.S. institutional investors could signal rising bullish conviction from the former group due to the token’s regulatory clarity. Furthermore, the XRP community is celebrating 3 years since the court ruled the token was not a security. Meanwhile, the XRP whales could be considering the anticipated passage of the Clarity Act, a bill that would establish clear rules for the cryptocurrency industry, given its bipartisan support.

The XRP whales’ accumulation has occurred amid rising bullish sentiment. From a technical analysis standpoint, XRP price could be forming a potential reversal pattern, characterized by an inverse head and shoulders (H&S). Moreover, the daily Relative Strength Index (RSI) has been forming a bullish divergence since the early June XRP price capitulation. Amid the reduced XRP whale sell-off, the daily Moving Average Convergence Divergence (MACD) has been signaling bullish sentiment. However, the midterm AI algorithm XRP price forecast remains bearish, with an average target of about $0.97, as Finbold reported. As such, if the XRP millionaire wallets continue to accumulate amid ETF sell-offs, the potential reversal pattern could be delayed until both groups accumulate simultaneously.