XRP is rebounding from its recent losses, with whales supporting this price recovery by accumulating large amounts of the coin. The bearish sentiment is diminishing as XRP enters a more optimistic phase.

Earlier today, XRP whales exhibited increased buying activity. According to Whale Alert, over 26 million XRP coins were transferred from Binance to an unknown wallet. This transfer, worth around $13.62 million at the current XRP price, indicates a long-term holding strategy. Typically, whales purchase crypto on major exchanges like Binance and then move assets to private wallets for long-term holding. In this case, the whale transferred about 26 million XRP coins to their private wallet, signaling a clear intention to hold these coins long-term.

Related article: XRP Trading Volume Skyrockets as Price Enters Bullish Zone

Bullish Implications For XRP Price

Rising buying activity and accumulation by whales always signal a bullish trend for XRP’s price. Consequently, this accumulation trend will significantly support XRP’s price. Although XRP has already started an upward trend after the recent crash, this accumulation will further benefit the coin in the broader context. 

Related article: XRP Price Erases Gains as Market Faces Biggest Crash in a Year

Currently, the XRP price is trading at $0.5133, marking a 14.13% increase in the last 24 hours. Despite the Sunday crash, the coin remains up 16.57% over the past 30 days, showcasing its resilience in the face of market volatility.

Continued Momentum

Today’s price rally indicates that XRP has not lost its momentum and is likely to continue its bullish run. Whales are prepared to push XRP’s price to new highs in the coming weeks, as the coin has already outperformed other notable cryptocurrencies like Ethereum (ETH). 

Overall, the recent accumulation by whales and the ongoing price recovery suggest a positive outlook for XRP. As buying activity continues to rise, the bullish sentiment surrounding XRP strengthens, paving the way for potential further gains.