-
A significant transfer of 66.9 million XRP worth $143 million has ignited discussions in the crypto community as traders eye potential price movements.
-
Recent whale activity, alongside technical indicators, suggests that XRP could be gearing up for a breakout, with analysts closely watching key price levels.
-
“With Ripple maintaining support above $2.00, the market sentiment has shifted positively,” states a COINOTAG analyst.
In an exciting move, XRP’s massive $143 million whale transfer sparks optimism for a breakout above $2.60 as market dynamics shift.
Rising exchange reserves: Should traders worry or prepare?
According to on-chain data, XRP’s total exchange reserves surged to $6.066 billion, reflecting a 5.9% increase within the last 24 hours. This rise can often signify potential selling pressure as more tokens become available on trading platforms.
Nonetheless, not all inflows are immediate cause for concern. In some cases, these transactions might be strategic, setting the stage for liquidity events or facilitated accumulation ahead of upward price moves.
Source: CryptoQuant
XRP technical chart: Setting up for the next leg higher?
Currently, XRP operates within a well-defined range, consistently bouncing from the $2.00 support for a third consecutive time since early March. This structure indicates a potential higher low, suggesting a shift towards bullish momentum.
If prices breach the $2.61 resistance, a rapid rise towards the $3.39 range may follow, inviting new momentum traders to engage with the market.
Source: TradingView
On-chain activity is heating up—What does it mean?
Recent on-chain metrics point to revitalized network engagement, with active addresses increasing by 0.92% over the last day, culminating in 21,057 active wallets. Moreover, transaction volumes surged by 0.96%, topping 1.94 million.
This uptick in activity could signify rising user engagement, likely correlated with impending price movements, reinforcing a more positive outlook for XRP’s immediate future.
Source: CryptoQuant
Liquidation heat map: Where will the squeeze happen?
Analysis of the Binance liquidation heatmap reveals significant clusters between $2.15 and $2.25, which could pose short-term resistance but also act as a catalyst for upward price movement.
Once XRP surpasses these critical levels, a wave of liquidations may spur a rally towards $2.60 and possibly beyond. This scenario suggests that current conditions could quickly evolve into a high-volatility phase.
Source: Coinglass
Is XRP poised for a $2.60 breakout?
With strong whale movements, an encouraging technical landscape, increasing on-chain participation, and critical liquidation levels forming, XRP appears prepared for a breakout towards $2.60.
As long as the price remains above $2.00, the bullish momentum appears to be intact. Traders should remain vigilant for potential upside shifts in the market.
