Deep-pocketed investors have been busy accumulating massive amounts of XRP since September 20th, according to a popular crypto analyst.
Ali Martinez tells his 72,900 followers on the social media platform X that crypto whales bought $286.7 million worth of XRP, the token used to operate Ripple Labs’ payments platform, within 10 days.
“Ripple whales have bought over 470 million XRP in the past 10 days [as of September 29th]!”
XRP is trading for $0.61 at time of writing, down 3.4% in the last 24 hours.
Next up, the analyst says Bitcoin (BTC) may be forming a cup-and-handle pattern on the weekly chart.
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
“Current price action is just noise! If Bitcoin is truly forming a cup-and-handle pattern, the long-term bullish target could range between $194,000 and $352,000!”
The analyst also says that based on historical price data Bitcoin may finish the year in an uptrend.
“Historically, when Bitcoin closes September in the green, the final three months of the year have seen even bigger gains!”
Bitcoin is trading for $63,254 at time of writing, down 2.9% in the last 24 hours.
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