The institutional demand for $XRP has grown steadily over the past 9 days, as whale investors increased their holdings by 1.09%.
Between March 22 and March 30, the account balance of $XRP whales increased from about 11.05 billion tokens, worth around $15.47 billion, to approximately 11.17 billion tokens, valued at $14.86 billion at the time of publication, according to Santiment metrics.
During this period, the whale balances surged by more than 120 million tokens and peaked on Saturday, March 28, with holdings of nearly 11.21 billion tokens.
Institutional investors lead $XRP accumulation
The main reason why $XRP whale balances climbed in the past few days was due to renewed interest from institutional investors. For instance, the altcoin’s United States-based spot exchange-traded funds (ETFs) registered a net cash inflow of 2.66 million tokens last week, which equated to roughly $3.59 million, to currently hold around 933.33 million units.
Meanwhile, the $XRP’s investment products reported a net cash inflow of $15.8 million last week to currently hold assets worth $2.269 billion at press time, based on data from CoinShares. Worth noting that $XRP’s investment products outshined those for Bitcoin (BTC) and Solana (SOL), which saw net outflows last week.
What’s the impact on its price?
The significant increase in $XRP whale balances over the past nine days coincided with a 6.05% fall for the altcoin to trade at $1.347 at reporting time.
However, the altcoin’s price has signaled a potential near-term reversal in the past four days, fueled by rising whales’ demand. Moreover, token’s price has formed a possible double-bottom, during the past few days, coupled with bullish divergence of its 4-hour Relative Strength Index (RSI), which is a classic reversal pattern.
