XRP (XRP) has recovered from its April lows of $1.26, rising as much as 19% to a three-week high of $1.50 on Sunday.
Whale activity, network growth, and a strengthening technical setup suggested that the XRP/USD pair was primed for an upside move once the $1.50 resistance is broken.
Key takeaways:
- XRP whale addresses hit all-time highs of 332,230, indicating accumulation.
- XRP Ledger monthly transactions hit an all-time high of 71 million in April.
- The price must overcome the resistance at $1.50 to continue its rise towards $2.
XRP Whales Show Increasing Conviction
XRP whales remain confident in the prospects of a breakout and use the recent consolidation range to accumulate more tokens.
Santiment’s whale counting metric indicates that the number of wallets containing at least 10,000 XRP has reached an all-time high of approximately 332,230.
“This extends a steady growth trend that has been building since June 2024,” Santiment saying in an X post on Wednesday.
relationshipTed: XRP Analysts Eye Key Support Zone as $12 Price Target Emerges
The market intelligence firm explained that the number of medium and large shareholders continuing to grow is an important long-term signal showing that “the largest holders have continued to accumulate even during periods of volatility and uncertainty,” adding:
“Historically, the growing number of medium and large portfolios suggests greater conviction on the part of investors who are less focused on short-term price swings and more interested in long-term positioning.”
XRP Ledger whale wallets. Source: Sentiment
This aligns with the growing activity of the
The XRP treasury said the growth was driven by institutional utility tied to the Bitstamp, RLUSD, Braza Bank and DeFi protocols as XRPL continues to expand its compliance-focused infrastructure.
XRPL transaction activity. Source: Evernorth
Meanwhile, analyst CW8900 saying XRP whale long positions remain dominant relative to retail positions, suggesting they are “maintaining a bullish view” of the market.
XRP whales versus retail delta. Source: CW8900
XRP needs to turn $1.50 into support
XRP is looking to break out of an ascending triangle, which has limited price action since early February, as shown below.
An ascending triangle is a bullish continuation pattern that forms when price consolidates between a horizontal resistance line (flat top) and an ascending support trend line (higher lows). A break above resistance with increased volume often precedes a strong bullish move.
XRP appears to be on a similar trajectory, but bulls need to invest $1.50, where the 100-day EMA and triangle resistance line converge, to confirm the breakout. Note that price has been rejected in this supply zone four times since mid-February.
Another rigid barrier lies within the $1.67 and $1.70 supply zone, where the 200-day EMA lies. Above that, the next logical move would be towards the triangle’s measured target at $1.98, about 36% above the current price.
XRP/USD daily chart. Source: Cointelegraph/TradingView
“$XRP has been defending its daily 20 EMA since it was reclaimed in early May ($1.42), which has since been guiding the price higher,” analyst ChartNerd saying in a Thursday post on X, adding:
“$1.50/55 remains imminent resistance to break.”
Walking away, fellow analyst Neel saying XRP/USD “needs a clear break above $1.60 for any significant near-term rally,” but a rise above $2.00 would “generate fresh momentum.”
XRP/USD weekly chart. Source: X/Neel
Like Cointelegraph reportedThe level between $1.50 and $1.60 is a critical level that the bulls must overcome in the near term, as a break above could signal a possible trend reversal, driving the price of XRP towards $2.40.
