- XRP has surged by 73% in the past week, reaching a 3-year high at $1.25 before facing a minor pullback.
- XRP whales have accumulated 453.3 million tokens worth $526 million, signaling potential upcoming price movement.
- Technical analysis suggests that the token is forming bullish patterns, with key supports at $1.03 and $0.95 and price targets as high as $5.85.
Ripple’s native token, XRP, has been on an impressive upward trajectory, making headlines with its recent surge. After hitting a high of $1.25, the token has broken through a significant 3-year price high, showing extreme bullish momentum. However, after reaching this peak, the token faces a slight pullback, with the cryptocurrency now struggling to maintain its support level. Despite this short-term dip, XRP has gained a staggering 73% in the past week, suggesting strong potential for further price appreciation in the coming days.
At the time of writing, the token’s price stands at $1.115833, with a 24-hour trading volume of $11.32 billion and a market capitalization of $63.46 billion. While the price has decreased by 0.87% in the last 24 hours, the overall trend remains bullish, and investors are keeping a close eye on this token as it shows clear signs of a potential breakout.
Whale Activity Points to Major Price Movement
One of the most significant developments driving XRP’s bullish momentum is the behavior of whales, large holders of cryptocurrency who have historically played a major role in market movements. Over the past week, XRP whales have quietly accumulated 453.3 million XRP tokens, worth approximately $526 million. This constitutes 18% of the token’s total circulating supply and marks the largest accumulation of XRP by whales in nearly three years.
This wave of whale accumulation has spurred speculation that something significant is brewing behind the scenes. Many believe that these large holders are positioning themselves for a significant rally, indicating that a major price movement could be on the horizon. The silence from these whales suggests they may know something others do not, leading to growing confidence in the token’s potential for further upside.
XRP’s Rising Momentum Signals Potential Breakout
As XRP continues its ascent, technical indicators suggest that the cryptocurrency is forming key support and resistance levels. Crypto expert Dark Defender has highlighted the development of a “double coffee cup” formation, signaling that the token is preparing for a potential breakout.
The new supports for XRP are at $1.03 and $0.95, with targets set at $1.88, $3.09, and $5.85. These targets suggest that the token could be heading for even higher gains, with the possibility of retesting previous all-time highs and surpassing them in the future.
While the token faces short-term volatility and struggles to maintain its support levels, the broader market sentiment remains overwhelmingly bullish. The significant whale activity and the impressive 73% price surge over the past week signal a strong upward trend for the cryptocurrency. If the token can hold its support levels and break through key resistance points, it could see even more explosive growth shortly.
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