TLDR
- XRP price holding strong above $1.05 with key support at $1.10
- Whale wallets accumulated 453.3 million tokens ($526.3M) in past week
- Price reached highest level since 2021, surpassing $1.18
- 10% increase in XRP Futures Open Interest shows growing investor confidence
- Analysts projecting potential targets of $3 short-term and $7.5 by 2025
The cryptocurrency market witnessed a notable surge in XRP activity as large-scale investors, commonly known as whales, accumulated $526.3 million worth of tokens over the past week.
Data from blockchain analytics firm Santiment reveals that wallets holding between 1 million and 100 million XRP added approximately 453.3 million tokens to their positions.
This substantial accumulation comes as XRP’s price maintained strength above the $1.05 support zone, reaching new local highs above $1.18. The price movement represents a weekly gain of 96%, marking its highest level since 2021.
Technical analysis shows the formation of a key bullish trend line with support at $1.10 on the hourly chart. The price currently trades above both $1.085 and the 100-hourly Simple Moving Average, suggesting sustained upward momentum.
Market data indicates smaller wallets took a different approach during this period, offloading roughly 75.7 million tokens. This contrasting behavior between large and small holders highlights a shift in market dynamics, with institutional and wealthy investors showing increased confidence in XRP’s future prospects.
The cryptocurrency’s price action shows resilience above several key support levels. XRP successfully broke through the 50% Fibonacci retracement level, calculated from the downward move between the $1.2745 swing high and the $0.9988 low.
Further analysis of market indicators reveals a 10% increase in XRP Futures Open Interest, according to data from CoinGlass. This metric suggests growing participation from traders and investors in the derivatives market, often considered a precursor to continued price movement.
On the technical front, the hourly MACD (Moving Average Convergence Divergence) indicator displays momentum in the bullish zone. The Relative Strength Index (RSI) maintains positions above the 50 level, indicating healthy buying pressure in the market.
The price structure shows multiple support levels, with major ones established at $1.10 and $1.06. These levels have proven crucial in maintaining the current upward trajectory. Resistance levels are clearly defined at $1.17 and $1.20, presenting potential targets for short-term price action.
Looking at potential price targets, market analysts have outlined several key levels. The immediate resistance sits near $1.168, followed by a major hurdle at $1.20. A successful breach above these levels could open the path toward $1.274, with further resistance at $1.322.
The recent price movement caught the attention of several market analysts. EGRAG CRYPTO, a prominent market commentator, described the current market structure as potentially leading to a “MEGA move,” citing increased investor interest and overall market optimism.
Trading volume data shows sustained participation from market participants, with exchange activity remaining elevated throughout the recent price surge. Unlike typical market behavior where increasing exchange reserves often precede price drops, XRP has maintained its upward momentum despite higher exchange inflows.
Current market data from CoinMarketCap shows XRP trading at $1.13, representing a 1.06% increase over the past 24 hours. The weekly performance stands out with an 85.97% gain, highlighting the strength of the current move.
Support structures appear well-defined, with initial backing near the $1.10 level and the established trend line. Secondary support exists at $1.06, with the psychological $1.00 level serving as a major support zone.
The $526 million accumulation by whale wallets suggests strong confidence in XRP’s future prospects. These large-scale investors typically conduct thorough analysis before making such substantial commitments, adding weight to the current price action.
Market watchers note that maintaining prices above $1.50 could pave the way for higher targets, with some analysts projecting potential moves to $3 in the short term and $7.5 by 2025.
Recent data shows the 61.8% Fibonacci retracement level from the previous major move continues to act as a resistance point for current price action. A clear break above this level could trigger accelerated upward movement.
The post XRP Price Analysis: Whales Add 453M Tokens as Support Holds Strong appeared first on Blockonomi.