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Crypto Whales Buy Ripple’s XRP Before Bullish Breakout

2 mins
Updated by Bary Rahma
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In Brief

  • XRP price is heading toward flipping $0.55 into support, which could push the altcoin towards $0.65.
  • In the last week, more than 90 million XRP worth $48.6 million was bought by whale addresses.
  • Retail participation has also seen a sharp increase in this duration, suggesting increased bullishness.
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Ripple’s XRP price is following the path of the target set by a bullish triangle pattern it has been trading in.

With the support of XRP holders, the altcoin is inching closer to achieving the upside target.

Ripple Whales Buy More

XRP price could witness the bullishness that Ripple whales exhibit with their accumulation. In the last seven days, the addresses holding between 1 million and 10 million XRP have purchased over 90 million tokens worth $48 million. Consequently, this brought their total holdings to 3.7 billion XRP.

These whale addresses tend to influence price action considerably, as they have in the past. Accumulations generally lead to recoveries and rallies, whereas selling results in the altcoin noting corrections.

In the case of Ripple, it is likely the former, bolstering the altcoin’s attempt at marking recovery on the daily chart.

XRP Whale Holdings.
XRP Whale Holdings. Source: Santiment

Retail investors, too, are showing support for a price rise, with their participation growing over the past week. The number of addresses conducting transactions on the network has risen by 28.8%, suggesting investors are pining for further price growth.

This optimism shown by Ripple native token holders could act as a major catalyst for the XRP price to sustain its recent rally and grow further in the coming days.

Read More: Everything You Need To Know About Ripple vs SEC

XRP Active Addresses.
XRP Active Addresses. Source: Santiment

XRP Price Prediction: Breakout

XRP price, trading at $0.54, is noting a bounce from the support line at $0.51. This level also marks the breakout point from a symmetrical triangle pattern where XRP has been consolidating for nearly three weeks. This bullish pattern suggests a potential 27% rally to $0.65 is on the cards.

However, to make it there, the altcoin must first breach and flip the resistances at $0.57 and $0.62 into support. Propelled by the Ripple investor’s bullishness, $0.57 could be breached in the coming days, securing a 7% rally for XRP.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

On the other hand, if the crucial support of $0.51 is lost, XRP price could fall to $0.47. If this support is also lost, it would invalidate the bullish outlook, potentially sending the altcoin to $0.42.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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