XRP has experienced a significant price increase, fueled by strong support from large-scale investors. The altcoin’s recent recovery follows a notable accumulation phase, where major token holders, or “whales,” have been the primary drivers, boosting market confidence and pushing the asset’s price higher.

Whale Activity Signals Growing Confidence

On-chain data reveals that the recent upward momentum is closely tied to the activity of XRP whales. In the past week alone, addresses holding between 10 million and 100 million XRP have acquired over 190 million additional tokens. This accumulation, valued at more than $505 million, highlights a growing belief in the asset’s long-term potential.

This massive buying spree occurred after a recent price dip, indicating that these large holders are using the correction as a buying opportunity rather than an exit. Such behavior often reflects strong conviction from institutional investors and high-net-worth individuals about an asset’s future.

Broader market momentum for XRP is also showing signs of improvement. The Chaikin Money Flow (CMF) indicator, which measures capital inflows and outflows, has recorded a significant spike. Now near its highest level in three months, the CMF signals increased buying pressure from both whale and retail investor groups.

Key Price Levels and Market Outlook

As of October 28, XRP was trading at $2.65 while attempting to establish $2.64 as a new support level. The token has gained more than 12% over the last week, marking one of its strongest short-term performances in recent months.

If this positive sentiment persists, XRP could continue its ascent toward the next resistance level at $2.75. Sustained support from investors might even help push the price closer to the $3.00 mark, which would signal a broader recovery phase. However, if the market faces renewed selling pressure, the price could correct downward to $2.54 or potentially $2.35. A decline of this nature would invalidate the current bullish outlook and suggest short-term investor fatigue.

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