$XRP ($XRP) has recovered from its April lows of $1.26, rising as much as 19% to a three-week high of $1.50 on Sunday.
Whale activity, network growth and a strengthening technical setup suggested that the $XRP/USD pair was primed for a move higher once resistance at $1.50 is broken.
Key takeaways:
- $XRP whale addresses hit record highs of 332,230, indicating accumulation.
- $XRP Ledger monthly transactions hit an all-time high of 71 million in April.
- Price must break above the $1.50 resistance to continue its upside toward $2.
$XRP whales show growing conviction
$XRP whales remain confident about the prospects of a breakout, using the recent consolidation range to accumulate more tokens.
Santiment's whale count metric indicates that the number of wallets holding at least 10,000 $XRP has reached an all-time high of about 332,230.
“This extends a consistent growth trend that has been building since June, 2024,” Santiment said in an X post on Wednesday.
Related: $XRP analysts watch key support zone as $12 price target emerges
The market intelligence firm explained that the amount of mid to large stakeholders continuing to grow is an important long-term signal showing that “larger holders have kept accumulating even during periods of volatility and uncertainty,” adding:
“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.”
$XRP Ledger whale wallets. Source: Santiment
This aligns with growing $XRP Ledger (XRPL) activity, whose monthly transactions jumped to a new all-time high of 71 million in April from 43 million a year ago, representing a 65% year-over-year growth, according to data from Evernorth.
The $XRP treasury firm said that the growth was driven by institutional utility tied to Bitstamp, RLUSD, Braza Bank, and DeFi protocols as XRPL continues to expand its compliance-focused infrastructure.
XRPL transaction activity. Source: Evernorth
Meanwhile, analyst CW8900 said $XRP whale long positions remain dominant relative to retail positions, suggesting that they are “maintaining a bullish view” of the market
$XRP whales vs. retail delta. Source: CW8900
$XRP needs to flip $1.50 into support
$XRP is seeking to break out from an ascending triangle, which has capped its price action since early February, as shown below.
An ascending triangle is a bullish continuation pattern formed when the price consolidates between a horizontal resistance line (flat top) and a rising support trendline (higher lows). A breakout above resistance with increased volume often precedes a strong upward move.
$XRP appears to be on a similar trajectory, but bulls need to flip $1.50, where the 100-day exponential moving average (EMA) and the triangle’s resistance line converge, to confirm the breakout. Note that the price has been rejected from this supply area four times since mid-February.
Another stiff barrier lies within the $1.67 and $1.70 supply zone, where the 200-day EMA sits. Higher than that, the next logical move would be toward the measured target of the triangle at $1.98, roughly 36% above the current price.
$XRP/USD daily chart. Source: Cointelegraph/TradingView
“$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,” analyst ChartNerd said in a Thursday post on X, adding:
“$1.50/55 remains an imminent resistance to break.”
Zooming out, fellow analyst Neel said $XRP/USD “needs a clear break above $1.60 for any meaningful short-term rally,” but rising above $2.00 would “generate fresh momentum.”
$XRP/USD weekly chart. Source: X/Neel
As Cointelegraph reported, the $1.50-$1.60 is a critical level for the bulls to overcome in the short term, as a break above could signal a potential trend change, propelling $XRP price toward $2.40.
