XRP Whales Have Retained a Bullish Outlook, Despite Some of the Token's Recent Challenges

In a surprising turn of events, XRP whales seem to have maintained a bullish outlook, even amidst some of the token’s recent challenges.

According to cryptocurrency technical analyst Ali Martinez, who shared his observations on May 2 via a post on X, large accounts — those holding more than 10,000,000 tokens— have purchased approximately 900 million XRP over the past month.

This bullish signal is a rare sight in an otherwise bearish week for the cryptocurrency. As reported by Blockchained, the cryptocurrency’s long-awaited retest of the $2.30 (CRYPTO: BTC) price point that occurred on April 28 and April 29 failed to generate a breakout.

Later this week, the SEC also postponed its decision on Franklin Templeton’s XRP spot exchange-traded fund (ETF).

Also, the ratio of XRP short positions reached a 1-month high on the last day of April, and there are a few silver linings at play. For one, XRP soundly rejected a test of support at $2.20, as that price level held for little more than half an hour. At press time, the token was changing hands at $2.22, having seen a 0.55% decrease over the last 24 hours.

Is This A Sure Sign That XRP Price Is Going Up?

While the fact that XRP whales have, on the whole, intensified their acquisitions might appear as a good sign at first glance, traders should always consider dissenting opinions.

As pointed out by another technical analyst, Ben Armstrong, large-poole selloff activity reached a 1-month high on April 28, when one XRP whale transferred 29,532,534 tokens, valued at approximately $68.7 million, to cryptocurrency exchange Coinbase (NASDAQ:COIN).

Typically, large transfers foreshadow selloffs.

Lastly, it’s crucial to acknowledge that Martinez’s chart plainly indicates that whale demand has diminished since April 29— so the thus-prevailing bullish sentiment on the part of large accounts might very well have already been dispelled.