Large XRP holders bought more than 470 million tokens over five days, accumulating about $724 million worth of the cryptocurrency.

U.Today, a blockchain media outlet, reported on Sept. 25 that on-chain analytics platform Santiment estimated that millionaire wallets increased their XRP holdings to 12.8 billion from 12.37 billion over the five days through Sept. 24.

The buying took place in the spot market, and orders were concentrated near a key technical resistance level. The market sees a setup in which large funds absorb liquidity before an official breakout signal is confirmed.

Price action also moved in line with that. XRP formed the right-shoulder area of an inverse head-and-shoulders pattern on the daily chart and then widened gains. It rose 27.6 percent from a low of $1.25 to a local high of $1.58 before showing a partial pullback and trading around $1.50.

Market focus is now on $1.60. That level is the neckline of the chart pattern and an area that previously saw the largest concentration of trading volume. If XRP posts a close above $1.60, it could break the bearish trend and move toward $2 as the reversal pattern gains traction.

But there is not only an upside scenario. If short-term profit-taking strengthens, XRP could temporarily slide to the $1.34 to $1.37 area, where moving averages are clustered. If external macroeconomic conditions become a burden, it could also remain in a longer sideways phase within a $1.25 to $1.50 range.

This move is drawing particular attention because of its similarity to August. At the time, whales bought 460 million tokens and then broke out of a long sideways range. XRP rose 40.7 percent in a week and tested $1.70. As the scale and sequence of the current accumulation resemble that episode, interest is rising among market participants in whether the same pattern repeats.

Ultimately, the key is whether XRP breaks above $1.60. If it clears that level, the absorption of supply worth about $724 million could lead to an upward move similar to August. If the breakout is delayed, the possibility has been raised that XRP could return to an accumulation phase within its current trading range.

XRP WHALES KEEP BUYING In just five days, whales accumulated more than 470 million $XRP, worth around $724 million. Meanwhile, an inverse head-and-shoulders continues to form on the daily chart. The bullish breakout could be getting closer. https://t.co/f2VzDvpQpm pic.twitter.com/X3xMv7zOQF