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- Whales grabbed 120 million XRP in one day while trading volumes dropped sharply.
- XRP trend holds constructive above $2.74 with targets stretching toward $3.80 to $5.5 soon.
Large XRP holders have stepped in heavily during this week’s selloff, signaling confidence even as the token lost billions in value. According to on-chain data from analyst Ali Martinez, whales purchased nearly 120 million XRP on August 15 alone.
That accumulation coincided with one of the sharpest single-day declines this month. Its market capitalization sank by $10 billion, slipping from $193.85 billion to $182.85 billion. Trading activity also cooled, with volumes down over 38% in the last 24 hours to $6.4 billion.
This was not the first aggressive accumulation move. Martinez highlighted that whales had already secured around 320 million XRP over the prior three days, an investment estimated near $1 billion. Together, these purchases total 440 million tokens within less than a week.
Higher Highs Signal Strength in XRP Trend
The broader pullback since August 8 has cost XRP around $15 billion in market cap, yet its fully diluted valuation remains high at $309.75 billion. This reflects that long-term expectations have not shifted significantly, despite shorter-term weakness.
Price action shows some stability after July’s volatile swings. XRP now trades around $3.09, just above its consolidation line at $3, but still below the resistance mark of $3.40. Analysts point out that as long as the token holds above the August 3 low of $2.74, its trend remains constructive.
VirtualBacon, a well-followed commentator, argued that the token has been on a clear uptrend since April’s bottom of $1.61. He noted a sequence of higher highs and higher lows, including May’s peak at $2.64, June’s retrace to $1.90, and July’s surge to $3.66.
XRP Could Climb 43% Short-Term, Long-Term Calls Hit $50
The VirtualBacon observed that XRP breaking beyond its 2018 high leaves little charted resistance in sight. Since estimates of the all-time high vary, ranging between $3.31 and $3.84.
Using Fibonacci retracement, the analyst produced possible swing levels at $3.80, $4.10, and $4.47 in the coming weeks. From today’s price, these mark increases of 22.98%, 32.69%, and 44.69%, respectively. He added that the retracement framework even indicates a potential stretch to $5.5, though he warned that level is a bit on the high side for swing positions.
Other projections have been more ambitious. Tony Severino predicted it may rise to $12.73 by early September. Meanwhile, Kenny Nguyen suggested a price band between $22 and $50, a call partly based on speculation about a potential US spot ETF for XRP.
While short-term traders face volatility, large holders appear intent on securing positions at lower levels. The 440 million tokens purchased in under a week have effectively reduced circulating supply, a factor that could support prices if demand revives.
