XRP price holds above key trendline — Can whale accumulation push it to $3?
The post XRP price holds above key trendline — Can whale accumulation push it to $3? appeared on BitcoinEthereumNews.com.
XRP (XRP) has been trapped within a tight range over the last eight days. The altcoin was trading just above its $2.00 support after a marketwide recovery over the weekend. Onchain and technical data now show that the XRP/USD pair is well-positioned for a breakout toward $3.00. XRP/USD daily chart. Source: Cointelegraph/TradingView XRP whale accumulation is back XRP’s price has been consolidating between $2.03 and $2.13 since April 14. The daily relative strength index (RSI) remained flat at around 49 over the same period, signaling market indecision. Despite this sideways price action, whale activity paints a promising picture, with onchain data showing large investors took advantage of the drop to $1.61. Related: Coinbase Derivatives lists XRP futures XRP whale addresses holding between 10 million and 100 million XRP (black line) have increased sharply since April 1, according to data from Santiment. Similarly, addresses holding more than 1 billion XRP (red line) have steadily increased as well. This whale cohort currently accounts for 39.4% of the total XRP supply, compared to 37.7% toward the end of March. This possibly underscores the confidence of these large investors in XRP price rising despite growing macroeconomic risks and uncertainties. XRP supply distribution. Source: Santiment Additionally, XRP experienced a significant drop in exchange reserves. XRP balance on exchanges peaked at 3.27 billion XRP in November 2024. Today, around 2.7 million XRP are held on exchanges. The metric has also dropped by 10% over the last 30 days despite the market turbulence experienced since the beginning of April. XRP balance on exchanges. Source: CryptoQuant Can XRP price rise to $3? XRP’s price action between April 7 and April 22 has led to the formation of a bull flag pattern on the daily chart. The price is retesting the upper trendline of the flag at $2.10, suggesting…
Filed under: News - @ April 22, 2025 6:22 pm