Large holders of the XRP token have kicked off a massive accumulation to secure a significant portion of XRP. According to market data from the on-chain analytics platform Santiment, XRP whales have scooped up a whopping 70 million XRP tokens, worth approximately $77.5 million at the time of reporting.
Shared by cryptocurrency analyst Ali Charts on July 16, the data points to an uptick in positive sentiment for the 6th most valuable cryptocurrency by market cap despite ongoing market turmoil.
The new development has positively impacted the asset’s price, with XRP recording a mild price jump and a notable upswing in futures open interest.
Multiple bullish indicators spring up as XRP bulls awaken
Additionally, a new report from Cryptoquant details the stabilization of Binance’s XRP reserve at its lowest level since February. At the start of the new month, Binance’s XRP reserve reportedly dropped to an approximate 2.61 billion XRP before stabilizing near the aforementioned level.
Per the report, the recent event indicates a continuous decline in available supply on the Binance exchange compared with previous months. Thus far, there has been no record of notable inflows to replenish reserves.
 
Although XRP has continued in a downtrend, the report noted that a continuation of this trend, along with increased demand, could significantly ease the asset’s selling pressure over the mid-term.
Notably, any change recorded in Binance’s reserves will serve as an important indicator of investor behavior and the potential direction of the XRP market.
Market player sights potential price breakout for XRP
During the time of this report, XRP has lost 2.57% of its price value over the last 24-hours and has begun trading at a price of $1.08 per token.
However, a recent observation from analyst Ali Chart suggests that a price breakout might be underway.
As shown on a 1hr technical chart, the asset flashed a TD Sequential buy signal while a consolidation within a symmetrical triangle was observed. Should XRP break above $1.13, a 20% rally could follow, eventually sending the asset to $1.35.
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