There are more XRP whales than ever: Will it trigger a price drop to $2?
XRP (XRP) bounced back from an April low of $1.26, up 19% to a three-week high of $1.50 on Sunday.
Whale activity, network growth, and a consolidation technical setup suggest that the XRP/USD pair is set for a move higher if the $1.50 resistance is broken.
Main Receptors:
XRP Well addresses hit a record high of 332,230, indicating increased inventory. XRP Ledger monthly transactions surged 71 million in April. The price must break above the $1.50 resistance to continue rising to $2.
XRP whales show growing confidence
XRP whales remain confident about the prospects of a crash, using the recent consolidation range to stockpile more tokens.
Sentiment Well's count metric indicates that the number of wallets holding at least 10,000 XRP has reached an all-time high of 332,230.
“This extends the consistent growth trend that has been building since June, 2024,” Santiment he said. Wednesday on the X-Post.
Related: When the $12 price target is released, XRP analysts see a key support zone
The market intelligence firm explained that it is an important long-term sign that mid- to large-cap holdings will continue to grow, adding that “large holders are accumulating even in times of volatility and uncertainty.”
“Historically, an increase in the number of medium to large wallets suggests increased conviction from investors who are less focused on short-term price volatility and more interested in long-term positioning.
XRP Ledger Wallets. Source: Sentiment
This is in line with growing XRP Ledger (XRPL) activity, whose monthly transactions jumped to a new all-time high of 71 million in April from 43 million a year ago, representing 65% year-over-year growth.
As XRPL continues to expand its compliance-focused infrastructure, its growth is in institutional facilities tied to Bitstamp, RLUSD, Braza Bank and DeFi protocols, XRP Treasury said.
XRPL trading activity. Source: Evernorth
Meanwhile, analyst CW8900 he said. In terms of retail positions, XRP whale long positions remain dominant, suggesting that they have a “bullish view” of the market.
XRP Wells with Retail Delta. Source: CW8900
XRP should flip $1.50 to support.
XRP is looking to break out of the ascending triangle if it finishes its price action since early February as shown below.
An ascending triangle is a bullish continuation pattern formed when the price consolidates between a horizontal resistance line (flat top) and an ascending support trend (higher low). A breakdown above resistance is often preceded by a strong upward move with increasing volume.
XRP appears to be in the same direction, but bulls need to break $1.50 where the 100-day EMA and triangle resistance meet to confirm a breakout. Note that the price has declined four times from this supply area since mid-February.
Another strong barrier is in the $1.67 and $1.70 supply zone, where the 200-day EMA sits. Above that, the next logical move would be to the triangle target at $1.98, about 36% above the current price.
XRP/USD Daily Chart. Source: Cointelegraph/Trading view
Analyst ChartNerd says “$XRP has been waiting for the daily 20 EMA since it bounced back in early May ($1.42) he said. In X's post on Thursday, he added:
“$1.50/55 is an inevitable resistance to breaking.”
Highlighting, co-analyst Niel he said. XRP/USD “needs a clear break above $1.60 for any meaningful short-term rally,” but a rise above $2.00 “will create fresh momentum.”
XRP/USD Weekly Chart. Source: X/Neel
According to Cointelegraph reported$1.50-$1.60 is an important level for the bulls to win in the short term, because a break above it may indicate a reversal trend that will bring the price of XRP to $2.40.
