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Ripple (XRP) price holds above key trend line - can Whale accumulation help it break through the $3 barrier?
Source: Cointelegraph Original: "XRP Price Holds Above Key Trend Line - Can Whale Accumulation Help It Break Through the $3 Mark?"
XRP has been trading within a narrow range for the past eight days. After a broad market recovery over the weekend, the altcoin's trading price is slightly above its support level of $2.00.
On-chain data and technical indicators indicate that the XRP/USD trading pair has met the necessary conditions to break through the $3 mark.
XRP/USD daily chart Source: Cointelegraph/TradingView
The wave of Ripple whales increasing their holdings has reappeared.
Since April 14, the price of Ripple has been consolidating between $2.03 and $2.13. During the same period, the daily Relative Strength Index (RSI) has remained flat around 49, indicating market indecision.
Despite the price experiencing sideways fluctuations, whale activity paints a hopeful picture. On-chain data shows that large investors are profiting by taking advantage of the price drop to $1.61.
According to Santiment's data, the number of whale addresses holding between 10 million and 100 million XRP (as indicated by the black line) has surged since April 1.
Similarly, the number of addresses holding over 1 billion XRP (as indicated by the red line) is steadily increasing. Currently, this group of whales accounts for 39.4% of the total supply of XRP, while at the end of March, this proportion was 37.7%.
This may highlight the confidence that these large investors have in the price increase of Ripple, despite the growing macroeconomic risks and uncertainties.
XRP Supply Distribution Source: Santiment
In addition, the exchange reserves of Ripple have also seen a significant decline. In November 2024, the balance of Ripple on exchanges peaked at 3.27 billion Ripple. Currently, approximately 2.7 million Ripple are held on exchanges. Despite the market experiencing turbulence since early April, this metric has also dropped by 10% over the past 30 days.
XRP balance in the exchange. Source: CryptoQuant
Will the price of Ripple reach 3 dollars?
The price movement of Ripple from April 7 to April 22 has formed a bullish flag pattern on the daily chart. The price is retesting the upper trend line of the flag at $2.10, indicating that a breakout may be in progress.
It is worth noting that in the past 10 days, the price has attempted to break through this trend line two or three times, but each time it has ended in failure, with each re-test leading to new buyers gathering in this area.
If the closing price is above this trend line, Ripple may rebound from the current level. If the trading volume is strong, it may break through the psychological levels of $2.93 or $3.00, reaching the technical target of the flag.
XRP/USD Daily Chart Source: Cointelegraph/TradingView
Several analysts also agree with this optimistic outlook, believing that the integration of Ripple is a sign of a significant price increase.
Trader Dark Defender cited a chart showing that the price of Ripple is consolidating above $2 on the weekly timeframe, stating that this altcoin is retesting a key multi-month resistance line.
If this resistance is broken, the price will break through, and the 5th wave will move towards 4 dollars.
"Ripple is bullish, and cryptocurrencies are more bullish than ever."
XRP/USD daily chart Source: Dark Knight
The analyst indicated that the key levels for the rise are $2.22 and $2.75, while the key levels for the fall are $1.80 and $1.61.
At the same time, trader CasiTrades stated that the rejection at $2.24 means the price may break the key support levels of $1.90 or $1.55 before "Ripple is ready to break out."
As Cointelegraph reported earlier, the Wyckoff reaccumulation and falling wedge pattern plotted a bullish target for Ripple above $3.50.
This article does not contain investment advice or recommendations. Every investment and trade involves risks, and readers should conduct their own research before making decisions.
Related Article: Ripple (XRP) Ledger Foundation Discovers 'Crypto Theft Backdoor' in Codebase