XRP whales have taken advantage of the recent market dip, accumulating 520 million XRP amid price fluctuations.
Analysts are now closely watching key resistance levels, with targets set at $4.90 and even $27 based on historical trends and technical analysis.
Whales Increase Holdings Amid Price Volatility
According to Santiment data, large investors holding between 100 million and 1 billion XRP significantly increased their holdings during the recent price decline.
This suggests that institutional investors and high-net-worth traders are positioning themselves for a potential rally.
Whale accumulation is often seen as a bullish signal, as it indicates strong confidence in the asset’s long-term potential.
Historically, such buying patterns have preceded major price recoveries, as demand from large investors absorbs supply and reduces selling pressure.
XRP Price Stabilizes After Drop, Potential Breakout Ahead
Over the past days , XRP dropped to a low of $2.17 from $ 2.30 and has since risen to $ 2.35.
It is currently ranging inside a consolidation pattern with immediate support at $2.28 and resistance at $2.63.
This can be interpreted as buyers supporting crucial levels and selling pressure has not receded entirely.
Market analyst MikybullCrypto has set the 0.382 level of the fib tool at a $2.38 value area as a support level.
If the price of XRP remains at this level, it can lead to a possible rise toward the 1.618 extension at $4.90.
This scenario can therefore be interpreted to mean that XRP is preparing to go higher should bulls push higher as indicated below.
Furthermore, analyst EgragCrypto has defined the current market pattern of XRP as similar to the one experienced in the year 2017 where the asset increased by 1,500% within four weeks of rising from a crucial support level.
Thus, according to the EgragCrypto, if it follows the same pattern, the value could increase from $1.71 to $27 if it is to achieve the 1.618 of the Fibonacci extension.
Momentum Indicators Suggest Reversal For XRP Price
According to the Relative Strength Index (RSI), XRP is in a bearish zone with RSI a value of 40.46 currently.
However, the indicator is close to becoming flat, which may imply a waning in selling pressure.
MACD has given promises of an impending bullish trend to the intended target price levels.
MACD is as shown with a cross over the signal line which points to strength.
Nevertheless, the histogram is still bearish, which means that a confident breakout has not happened yet.
Furthermore, XRP is relatively stable but the price has found first resistance at the 50-day MA ($2.63) at the formation of the Golden Cross.
Usually this formation serves as bullish reversal if the price action manages to break through it.
If the price goes beyond this level, it may strengthen the buying pressure for XRP and enable the currency to achieve the target outlined above in the coming weeks.
XRP ETF Filings Could Drive Institutional Investment
The increasing number of spot XRP ETF filings suggests growing institutional interest in XRP.
Recently, Cboe BZX Exchange submitted 19b-4 applications on behalf of Bitwise, WisdomTree, Canary Capital, and 21Shares to list XRP ETFs in the U.S.
In the same regard, NYSE Arca has registered an application to transform Grayscale’s XRP Trust into an ETF and CoinShares applied for another distinct XRP ETF.
Analysts at JPMorgan estimate that spot XRP ETFs could attract between $4 billion and $8 billion in net new assets within the first 12 months if approved.
Increased institutional investment could drive demand, potentially fueling a long-term price increase for XRP.
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