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.
What’s next amid XRP whales’ accusation?
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.