Key points:
Whales in XRP continue to buy during dips, showing confidence in future price increases.
The next bullish level is projected at $4.20, but XRP needs to surpass the $3.05 resistance first.
XRP (XRP) rebounded from the $2.70 support, climbing up to 8.5% to reach a high of $2.92 on Monday. Since then, some gains have been surrendered, reflecting profit-taking from the short rally.
Nonetheless, a solid technical outlook and whale involvement indicate that the XRP/USD pair could be on the verge of a trend reversal toward $4.
Will whale accumulation boost XRP?
XRP whales are optimistic about the chances of a further spike, using the recent dip to purchase additional tokens.
Related: Why XRP is important: 5 key factors influencing its value beyond price
According to Santiment’s Supply Distribution metric, whales owning between 10 million and 100 million tokens acquired over 120,000,000 XRP, valued at approximately $340 million, in the last three days. These entities now possess about 8% of the total circulating XRP supply.
When might XRP’s price surge?
XRP’s recovery efforts were hindered by the overhead resistance at $2.95, which aligns with the 50-day simple moving average (SMA).
The anticipated pullback is expected to find support at the lower trending line of the symmetrical triangle at $2.80.
Below that, critical support lies between the local low at $2.69 and the 200-day SMA at $2.55, serving as the final defense for bullish momentum.
To gain traction, XRP must maintain its position within the $2.88-$2.95 range, where both the 50-day and 100-day SMA are currently placed, highlighting the significance of this area.
Breaking this resistance would propel the price beyond the upper trendline of the triangle at $3.05, confirming a bullish breakout from consolidation, and paving the way toward the triangle’s target of $4.20, anticipating a 47% increase from present levels.
Analyst Gordon remarked that “the next move for $XRP will be rapid and assertive,” once it breaks free from the symmetrical triangle.
As Cointelegraph stated, XRP is set for its best quarterly close ever, positioning it for potential gains in Q4, with targets reaching as high as $15.
This article does not offer investment advice or recommendations. Every investment and trading decision involves risk, and readers should perform their own research before acting.
