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Market analysis from crypto trader Ali reveals substantial whale accumulation of XRP during a recent price correction. Large holders have purchased over 120 million tokens worth approximately $288 million as prices dropped from $2.90 to $2.22. 

The token has since rebounded, according to the latest CoinGecko price data. The data shared by Ali shows addresses holding between 1,000,000 and 10,000,000 XRP increased their positions substantially during the market downturn. 

These large-scale holders seized the opportunity to acquire tokens at lower prices, demonstrating confidence in XRP’s market position. The accumulation pattern aligns with historical whale behavior of building positions during price dips.

The concentrated buying pressure from whale wallets occurred precisely as XRP experienced downward price movement. Chart analysis indicates the accumulation took place primarily in the $2.22 price range, establishing a potential support level at that mark.

XRP has demonstrated strong recovery momentum following the correction. CoinGecko data shows the token trading at $2.44, marking a 7.47% increase over the past day. The weekly performance stands even more robust with a 30.30% price appreciation over seven days.

Trading volume remains robust at $11.97 billion over the past 24 hours, indicating healthy market participation. The sustained trading activity suggests active price discovery as the market digests the recent whale accumulation events.

Read also: How High Can Shiba Inu Go By The End of 2024? SHIB Price Prediction

The price action displays a clear market structure, beginning with an upward trend that peaked at $2.90. The subsequent correction to $2.22 established a new support zone, validated by substantial whale buying activity at those levels. The current price of $2.44 represents a recovery of roughly half the correction.

Chart patterns shared by Ali demonstrate the formation of stabilization zones after the correction. The combination of whale accumulation and price recovery suggests the market has found equilibrium at current levels, with buyers maintaining support above the recent lows.

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The post Ripple Whales Accumulate During Price Correction as XRP Price Rebounds appeared first on CaptainAltcoin.

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