Accumulation of XRP by large investors, or whales, has strengthened to its highest level in 10 months, it showed.

Cryptopolitan, a blockchain outlet, reported on April 6 local time that whales are buying more than 11 million XRP a day on a 30-day moving average. The increased accumulation is coinciding with a Ripple-related event in Japan, raising market expectations.

Trading indicators supported the shift in supply and demand. With trading volume surging 72 percent, some interpret the move as difficult to explain as a simple “momentary spike.” It was also noted that whale accumulation is not always a definitive signal of a bull market.

Changes in exchange flows are also drawing attention. Net outflows of XRP from exchanges have accelerated, easing near-term selling pressure, and in the past prices have sometimes moved higher when supply tightened, according to the explanation. The logic is that as readily sellable supply declines, conditions for a short-term rise could be created.

Institutional demand has also been cited through fund flows into XRP spot exchange-traded funds (ETFs). In 2026 so far, $41 million has flowed into XRP spot ETFs, and the market has also observed that institutions are hedging bets around $1.35.

Outlooks for price ranges were also presented. Some analysts mentioned the possibility of a rapid move to $1.40 and the $1.60 range if XRP breaks through resistance. Others argued that a clean break above resistance could flip a switch from accumulation to momentum. However, this remains speculation.

The “XRP Tokyo 2026” conference was highlighted as a backdrop to these supply-and-demand changes. The official schedule shows the event will cover the evolution of the XRP Ledger (XRPL) ecosystem, expansion of asset tokenisation and enterprise DeFi solutions. Ripple’s Christina Chan, Tatsuya Korogi and Markus Infanger are set to attend, and officials from Securitize Japan, Evernode, a16z Crypto and SBI Ripple Asia are also expected to join, it was reported.

Ripple CEO Brad Garlinghouse said institutions are increasingly moving to integrate cryptocurrencies and RLUSD into existing financial frameworks, in remarks to the effect that the industry is moving past so-called “tools for test subjects.”

Ultimately, market attention is focused on whether whale accumulation and expectations around the event will translate into a real improvement in supply and demand. Reduced exchange supply and growing institutional interest are positive signals, but analysis suggests a break above key resistance levels and follow-on volume are needed to confirm a trend reversal.