In a noteworthy development, whales have collectively acquired 360 million XRP within the last 48 hours. This surge in large-scale buying activity coincides with XRP price attempting to break free from a prolonged consolidation phase.
XRP Eyes Breakout Amid Whale Accumulation
XRP price has remained range-bound for over a month, with attempts to break through resistance levels proving unsuccessful. However, recent trading activity indicates that the token might be gearing up for a significant upward move. Traders and analysts remain cautious, as bearish market conditions still pose a risk of a potential bull trap.
On the technical front, the XRP price daily chart reveals the formation of a bullish pennant pattern, with the price showing signs of testing resistance. The Moving Average Convergence Divergence (MACD) indicator highlights a decline in selling pressure, suggesting that a bullish crossover could be imminent. Additionally, the Ichimoku Cloud continues to reflect a bullish outlook, reinforcing the possibility of further positive momentum.
Market participants have been closely monitoring the token’s trajectory, especially as the $3 mark becomes a focal point. XRP price’s potential breakout could drive increased trading volumes and boost market sentiment. Nonetheless, vigilance remains crucial due to ongoing bearish activity that could hinder the rally.
Whales bought 360 million $XRP in the past 48 hours! pic.twitter.com/w9OnuOK2x1
— Ali (@ali_charts) January 2, 2025
This accumulation by whales underscores confidence in XRP’s prospects, even as the broader crypto market grapples with volatility. Such large-scale buying is often seen as a precursor to significant price movements, as it indicates strong demand from influential market participants.
The market will closely watch whether XRP can capitalize on these signals and surpass the critical resistance levels to achieve a more sustained recovery. Furthermore, with the possibility of Paul Atkins taking on the role of the SEC Chairman after Gary Gensler’s exit, the Ripple SEC lawsuit could end soon. Thus, XRP could also benefit from the same.
Also Read: XRP Price Prediction 2025, 2026, 2030, 2040 – 2050
