A powerful wave of accumulation by XRP’s largest holders has pushed their control of the circulating supply to an 8-year high, according to on-chain data from Santiment. Wallets holding at least 10 million XRP now collectively command 68.5% of the token’s supply, totaling approximately 45.83 billion coins. Crypto analyst Zach Humphries noted that this concentration hasn’t been seen since May 2018 – just months after XRP reached its all-time high of $3.84.
The aggressive buying comes while XRP remains in a prolonged downtrend, trading in a tight range around $1.37. Humphries believes that if this accumulation continues, the sell‑side could become “extremely thin,” turning any upside catalyst into a potent breakout. Meanwhile, technical analysts are spotting additional signals that a violent move may be near. Ali Martinez highlighted the tightest Bollinger Band squeeze on the 3‑day chart in over a year, calling the $1.29–$1.50 zone a “no‑trade zone” until a clear close outside it confirms direction. A 3‑day close above $1.50, he says, could ignite a rally toward $1.80, while a drop below $1.29 would invalidate the bullish structure.
Adding to the technical case, trader Dark Defender pointed to an Elliott Wave setup on the two‑week chart that has “no more room” between converging support and resistance. With support at $1.31–$1.36 and resistance at $1.47, $1.88, and $3.56, the compressed pattern is expected to deliver a strong surge through the end of May. Although momentum indicators like the MACD and RSI remain tepid, the combination of whale accumulation and a coiled chart has revived discussion of a potential new bull run.
