XRP Whales Go on an Accumulation Spree—Crypto Analyst Says 'Are They Preparing for a Bull Rally?'

The Bull and Bear Case

Network activity, however, has moved in the opposite direction. Active addresses have averaged around 35,700 per day in August, compared with around 26,400 in July.

Earlier this month, Martinez identified $1.06 as the decisive level for XRP, adding that if the coin can maintain a value above $1.06, bulls might push the price to $1.35 and $1.64. However, if it falls below this level, the cryptocurrency could plummet to $0.80 or even $0.62.

What Prediction Market Thinks

The Moving Average Convergence Divergence indicator, which compares the 12-period and the 26-period exponential moving averages, flashed a “Sell” signal for XRP, according to TradingView.

Conversely, the Commodity Channel Index, which measures the difference between the current price and the historical average price, signaled a “Buy.” The Relative Strength Index hovered just below the neutral centerline, meaning a balance between buying and selling pressure.

Meanwhile, Polygon (CRYPTO: POL)-based Polymarket currently gives only a 6% chance of XRP bettering its all-time high of $3.84—set in January 2018—before the end of the year

Price Action: At the time of writing, XRP was exchanging hands at $1, down 0.64% in the last 24 hours, according to data from Benzinga Pro.

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