- XRP whales bought 900 million tokens in 48 hours, showing confidence as the price stabilizes at $3.14.
- Holding support at $3.20$3.25 could propel XRP toward $4.50, indicating strong bullish momentum.
- Breaking $2.70 resistance sets XRP on a bullish path, with $3.00 as key support for potential gains.
XRP whales have been accumulating in a big way. According to on-chain analysis by analyst Ali Martinez, over 900 million XRP have been bought by wallets holding between 100 million and 1 billion in the past 2 days. The massive buildup comes as XRPs price holds steady at $3.14, rebounding from investor confidence.
Source: X
This is an aggressive buying process that may be indicative of conviction by larger investors during a period of consolidation. Maxi, a crypto analyst, highlighted that XRP is retesting the upper side of a bull flag structure. The trendline, which was hovering along the boundaries of $3.20 and $3.25, was broken in the recent upswing. If buyers succeed in guarding this position, Maxi believes that XRP may hit $4.50.
Source: X
The resistance levels are vital to the movement of cryptocurrency. As the price crosses the $3.33 resistance, it will hit the next target around the area of $3.50. The major level to monitor on the support side is at $3.15. XRP breaking above this breakout level will affirm the bullish continuation. The price trend might gain pace in case these support levels remain intact over the next few days.
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However, another analyst, The Cryptomist, mentioned the breakout above a long-term descending resistance line, which previously limited the price of the token to the levels of between $2.60 and $2.70. After this breakout, Ripple rallied to the high of $3.80 before retracing to move above the $3.00 level.
Source: X
Such a transformation of resistance into support has been considered a bullish indication. As long as Ripple remains above the price range of $3.00, it is likely to be able to test the price range of $3.80 again before getting ready to make even bigger profits.
According to CoinGlasss data, the trading volume grew by 62.93%, totaling $14.14 billion. Open interest has declined by 6% to the level of $7.89 billion. The OI-weighted funding rate is 0.0084%, which indicates a steady market.
Source: CoinGlass
The cryptocurrency looks positive with strong trading volumes and robust support levels. Investors will be monitoring Ripple to determine whether the bullishness is likely to continue and whether it can pierce through the resistance points.
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