Record-Breaking XRP Whale Accumulation: Can Price Break Through $1.50 Barrier?
Record-high accumulation by XRP whale investors is boosting the potential for price advancement to $2, supported by expanding XRPL network usage and favorable technical indicators.
The digital asset XRP (XRP) has staged a notable comeback from its April bottom of $1.26, climbing by as much as 19% to reach a three-week peak of $1.50 on Sunday.
Large holder accumulation, expanding network utilization and an improving technical framework indicate that the XRP/USD trading pair is positioned for upward movement once the $1.50 resistance level is breached.
Key takeaways:
- Wallet addresses holding significant XRP quantities reached unprecedented levels at 332,230, signaling accumulation behavior.
- Monthly transaction volume on the XRP Ledger achieved an all-time record of 71 million during April.
- The asset must successfully surpass the $1.50 resistance barrier to maintain upward momentum toward $2.
Large XRP Holders Demonstrate Increased Confidence
Major XRP holders continue to express optimism regarding the potential for a price breakout, leveraging the recent consolidation phase to increase their token holdings.
According to Santiment's whale tracking data, wallet addresses containing a minimum of 10,000 XRP have climbed to an unprecedented peak of approximately 332,230.
"This continues a steady upward trend that has been developing since June, 2024," Santiment noted in a Wednesday X post.
The analytics platform elaborated that the persistent expansion of medium to large stakeholder accounts represents a significant long-term indicator demonstrating that "larger holders have kept accumulating even during periods of volatility and uncertainty," further stating:
"Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning."
This trend corresponds with increasing XRP Ledger (XRPL) network engagement, as monthly transaction volumes surged to an unprecedented all-time high of 71 million in April, up from 43 million one year prior, marking a 65% year-over-year expansion, based on information from Evernorth.
The firm dedicated to XRP treasury operations indicated that this expansion was propelled by institutional adoption connected to Bitstamp, RLUSD, Braza Bank, and DeFi protocols as XRPL continues advancing its compliance-oriented infrastructure.
At the same time, market analyst CW8900 indicated that long positions held by XRP whales continue to outweigh retail investor positions, implying that these major holders are "maintaining a bullish view" of market conditions
Converting $1.50 into Support Critical for XRP
The cryptocurrency is attempting to escape from an ascending triangle formation, a pattern that has contained its price movement since the beginning of February, as illustrated in the chart below.
This ascending triangle pattern represents a bullish continuation structure that develops when prices consolidate between a horizontal resistance barrier (flat top) and an upward-sloping support trendline (higher lows). Breaking above the resistance level accompanied by elevated volume typically signals the beginning of a robust upward movement.
XRP seems to be following a comparable path, however bulls must successfully convert $1.50, where the 100-day exponential moving average (EMA) and the triangle's resistance boundary intersect, into support to validate the breakout. It's important to note that the price has experienced rejection from this supply zone four times since the middle of February.
An additional formidable obstacle exists within the $1.67 to $1.70 supply area, where the 200-day EMA is located. Beyond that level, the subsequent logical price objective would be the triangle's measured target at $1.98, approximately 36% above the current price point.
"$XRP has been defending its daily 20 EMA since it was reclaimed in early May ($1.42), which has since been guiding the price higher," market analyst ChartNerd stated in a Thursday X post, further adding:
"$1.50/55 remains an imminent resistance to break."
Taking a broader perspective, fellow market analyst Neel stated that XRP/USD "needs a clear break above $1.60 for any meaningful short-term rally," though climbing above $2.00 would "generate fresh momentum."
According to previous Cointelegraph coverage, the $1.50-$1.60 range represents a crucial threshold for bullish traders to conquer in the near term, as successfully breaking through this zone could indicate a potential reversal in trend, driving XRP price advancement toward $2.40.