Key Takeaways
Ripple’s XRP token climbed 7% over the past week to trade at $1.46, fueled by significant on-chain accumulation from large holders and news of wider platform adoption. The move marks a potential trend shift for the token, which has been largely range-bound for the past three months.
"XRP appears to be undergoing a structural trend shift from bearish to bullish," crypto analyst Ali Martinez said in a note. Martinez highlighted a SuperTrend indicator on the daily chart that generated its first buy signal since January, a move he said implies diminishing downward pressure.
Data from the Santiment platform shows that whale-sized wallets holding XRP added approximately 360 million tokens, worth around $525 million at current prices, within a seven-day period. This accumulation expanded aggregate whale holdings from roughly 8.3 billion to 8.8 billion XRP. The buying coincided with a technical breakout from a symmetrical triangle pattern, which analysts note could signal further gains. The immediate overhead resistance is now the 100-day exponential moving average at $1.54.
The on-chain activity comes as SoFi Bank revealed it would integrate XRP deposit functionality for its 13.7 million customers. The federally chartered bank, which oversees more than $34 billion in assets, will add XRP to its existing crypto portfolio of Bitcoin, Ethereum, and Solana. The integration follows the recent launch of wrapped XRP (wXRP) on the Solana network, which allows XRP holders to access Solana’s DeFi ecosystem.
This article is for informational purposes only and does not constitute investment advice.
