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Whale accumulation, decreasing exchange balances, and a bullish chart pattern are signaling a potential surge for XRP toward the $3.00 mark.
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XRP has remained range-bound above the $2.00 support after a positive market move during the past weekend, creating a conducive environment for a breakout.
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“The XRP market is buzzing with optimism as whale activity surges, indicating confidence amidst broader economic uncertainties,” stated a COINOTAG analyst.
This article explores XRP’s bullish momentum driven by whale accumulation and technical patterns, examining its potential surge towards $3.00.
Unprecedented Whale Accumulation in XRP
XRP has shown an impressive consolidation pattern within the $2.03 to $2.13 range since April 14, with the daily relative strength index (RSI) indicating a neutral market sentiment at around 49. This indicates indecision among traders, but behind the scenes, whale activities are painting a more hopeful picture. Recent on-chain data indicated that whales capitalized on the price dip, particularly when XRP slid to $1.61.
According to Santiment, addresses holding between 10 million and 100 million XRP have surged significantly since April 1. Additionally, addresses holding over 1 billion XRP are also on the rise, suggesting growing confidence among this investor class. Their cumulative holdings now account for approximately 39.37% of the total XRP supply, a notable increase from 37.67% recorded at the end of March. This shift in supply underscores a **healthy accumulation trend** among large investors.
The percentage drop in exchange reserves also marks a significant trend. XRP exchanged supplies peaked at 3.27 billion in November 2024 but have diminished considerably to around 2.7 million currently. With a 10% decrease in reserves over the last month, the sharp drop signals increased holding patterns by investors, reflecting a robust outlook for the cryptocurrency amid prevailing macroeconomic headwinds.
Assessing XRP’s Path to $3
Recent price movements from April 7 to April 22 have formed a bullish pattern known as a **bull flag** on the daily chart. As XRP attempts to break through the upper trendline at $2.10, traders should closely monitor the potential for a breakout. The asset has faced multiple rejections at this key price level over the last ten days, yet new buyers continue to enter the market, accumulating XRP at these levels.
A decisive close above the upper trendline could catalyze a move towards the technical target set by the flag pattern, potentially leading XRP to approach $2.93, or even the psychological resistance of $3.00 if fueled by sufficient trading volume.
Analysts support this bullish interpretation. Popular trader Dark Defender noted that XRP has been retesting a crucial multi-month resistance line while consolidating above $2.00 on a weekly basis. “If we break this resistance, we could be looking at a price surge towards $4.00,” he added emphatically.
Key levels to monitor include $2.22 and $2.75 for bullish momentum, while critical support levels are identified at $1.80 and $1.61, providing a calculated outlook on potential price movements. In a similar vein, trader CasiTrades suggested that the recent rejection at $2.24 implies XRP might revisit major support zones around $1.90 or $1.55 before a breakout scenario unfolds.
Moreover, earlier analysis from Cointelegraph proposed that reaccumulation patterns alongside the formation of a falling wedge indicate an optimistic target for XRP that could exceed $3.50, showcasing the strong bullish thesis surrounding this cryptocurrency.
Conclusion
In summary, the accumulation trend among whales and bullish technical indicators bolster XRP’s prospects of rising toward the $3.00 mark. While key resistance levels pose challenges, the underlying market dynamics present a cautiously optimistic outlook for XRP as new buyers continue to show interest. As the crypto market remains volatile, significant movement above critical levels could pave the way for XRP to establish a more substantial upward trajectory.
