- Whale activity and rising sentiment suggest XRP could soon break key resistance and see significant price movement.
- Increased whale accumulation and stalled SEC talks give XRP a potential edge, pointing to a breakout in the near future.
- XRP shows promise with whale inflows and positive sentiment, setting the stage for a potential surge past $2.27.
Ripple (XRP) has been performing relatively better after hitting its all-time high of 3.40 in January. Nonetheless, the asset has been closing monthly candles above the two-mark since December 2024. However, trading activity on Binance has declined significantly to near-low levels since August 2020, indicating a decline in market activity.
Analysts have identified an important area to note in XRP and some could be on the fifth wave of a bull run. More Crypto Online emphasized that XRP could drive a goal of $2.27-$2.29 in the near future. The key issue at hand is whether the upward trend of the coin will be maintained or whether it will fall in the short term.
Source: X
Also Read: Robinhood Expands Crypto Futures Offering with Micro Contracts for XRP, Solana, and Bitcoin
Whale Activity Hints at XRP’s Bullish Turn
Although the market activity is sideways at this moment, there are signs of strength. According to data provided by CryptoQuant, the balance of whales’ addresses has been increasing over the past weeks. The 90 day moving average of the flow of whales changed to positive in early May. This effectively changed the previous adverse flows recorded between January and April, resulting in a turnaround in market sentiment.
The activity of a whale gives one of the most important indicators of the future pricing of a token. In the past, significant price rises were preceded by a positive change in the whale flows. Earlier, when this had happened, the coin had shown a breakout to the tune of 420% in the fourth quarter. This implies that the recent surge in whale activity can be seen as the start of the bullish phase for the asset.
The sentiment of XRP has also been gaining. Analytical platform Santiment also reported a 17-day high in token sentiment. This mass is accompanied by the stalled $50 million settlement between Ripple and the SEC, which has produced an optimistic mood in the market.
On the other hand, Bitcoin and Ethereum have experienced less retail demand as the overall market is experiencing a slowdown, which puts coin in a position of having more interest and positive momentum.
Source: X
Large XRP Wallet Growth Signals Potential Surge
To add to this optimism, the amount of large token balances has also increased significantly. Analyst Dom highlighted that recently, holders of more than 1 million XRP reached a new all-time high, with 2,850 wallets now at this threshold. Large holders are accumulating the asset despite the sideways market over the last six months, implying confidence in the asset’s long-term prospects. Likewise, wallets containing more than 10,000 XRP also improved, and their number has increased by 6.2% year to date.
Source: X
Such tendencies of build up point to the possibility of the market breaking out. The consistent increase in the number of large holders has continued, and the positive attitude and whale trading activity may hint at a possible surge in the price of the token. Traders are paying close attention to the $2.27-$2.29 area, because most analysts believe that once this resistance is breached, the way will most likely open to a major surge.
The price of cryptocurrency has been relatively flat, but the accumulation of whale flows, increased sentiment, and a higher level of accumulation are indicators that the token may soon break out.
The asset will be closely monitored by traders and investors to see whether it may break out, and this will be especially true when token reaches a key resistance area. A breach of these levels will result in the asset possibly revisiting the uptrend, which many are hoping to witness.
Also Read: XRP Price Prediction: $2.07 Support and Ripple’s Appeal Withdrawal Could Push XRP to $2.65
