XRP price turned negative on Tuesday, August 12, but a recent whale buying spree is generating a lot of buzz and hope in the crypto market.
Namely, wallets holding between 100 million and 1 billion XRP have amassed an additional 900 million XRP, worth over $2.88 billion, in just 48 hours, as reported by analyst Ali Martinez.
Traders are now speculating whether the aggressive accumulation could set the stage for another sharp rally and potentially a new all-time high.
XRP price action
XRP’s price action aligns with significant Ripple developments, including the long-awaited settlement with the U.S. Securities and Exchange Commission (SEC) and new partnerships with Chainlink focused on the RLUSD stablecoin.
Speculation over a potential spot XRP ETF has further fueled momentum, with a number of analysts pointing at BlackRock as a potential filing candidate.
While the world’s largest fund has denied any such plans, traders keep pointing to the fact that futures-based Solana (SOL) and XRP ETFs have seen over $1 billion in total inflows since their debut, finding in unlikely that BlackRock “doesn’t want a piece of this”, to quote ETF Store president Nate Geraci.
At the time of writing, XRP was trading at $3.14, down 5% on the daily chart following an intraday peak of $3.32.
The token broke below the $3.27 Fibonacci support and its 100-hour moving average at $3.22. Moreover, the moving average convergence divergence (MACD) histogram has turned negative (-0.010075), indicating bearish momentum, while the 14-day relative strength index (RSI) of 53.52 suggests room for further downside before oversold conditions.
XRP’s decline mirrors that of the broader altcoin market. The Altcoin Season Index, for instance, slipped to 31, signaling capital rotation into Bitcoin (BTC). Indeed, Spot BTC ETF inflows have witnessed their total assets under management (AUM) climb past $150 billion last week, diverting liquidity away from smaller assets, although some, like Chainlink (LINK), are also seeing a surge in whale activity.
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