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 suggest that the XRP/USD pair is primed for a move higher once resistance at $1.50 is broken.
Whale accumulation reaches record levels
Data from Santiment shows that the number of wallets holding at least 10,000 XRP has reached an all-time high of approximately 332,230. This extends a consistent growth trend that has been building since June 2024. The market intelligence firm noted that the continued increase in mid-to-large stakeholders is an important long-term signal, indicating that larger holders have kept accumulating even during periods of volatility and uncertainty. 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.
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This aligns with growing activity on the XRP Ledger (XRPL), whose monthly transactions jumped to a new all-time high of 71 million in April, up from 43 million a year ago — a 65% year-over-year increase, according to data from Evernorth. The growth is being driven by institutional utility tied to Bitstamp, RLUSD, Braza Bank, and DeFi protocols as XRPL continues to expand its compliance-focused infrastructure.
Technical setup points to upside
XRP is seeking to break out from an ascending triangle pattern that has capped its price action since early February. An ascending triangle is a bullish continuation pattern formed when the price consolidates between a horizontal resistance line and a rising support trendline of higher lows. A breakout above resistance with increased volume often precedes a strong upward move.
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Bulls need to flip $1.50 into support, where the 100-day exponential moving average (EMA) and the triangle’s resistance line converge, to confirm the breakout. The price has been rejected from this supply area four times since mid-February. Another stiff barrier lies within the $1.67 to $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.
Why this matters for traders
The $1.50 to $1.60 range is a critical level for bulls to overcome in the short term. A break above could signal a potential trend change, propelling XRP price toward $2.40, as previously reported. Analyst ChartNerd noted that XRP has been defending its daily 20 EMA since it was reclaimed in early May at $1.42, which has since been guiding the price higher, with $1.50 to $1.55 remaining an imminent resistance to break. 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.
Conclusion
XRP’s on-chain fundamentals and technical structure are aligning for a potential breakout above $1.50. Record whale accumulation, surging XRPL transaction activity, and a bullish ascending triangle pattern all point to the possibility of a move toward $2. However, the $1.50 resistance level has proven stubborn, and a confirmed break above it is necessary before any sustained rally can materialize. This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
FAQs
Q1: What is the significance of XRP whale wallets hitting all-time highs?
Record whale accumulation indicates that large investors are confident in XRP’s long-term prospects, often a bullish signal for price direction.
Q2: What is the key resistance level for XRP right now?
The $1.50 to $1.60 range is the critical resistance zone. A confirmed break above this level could open the path toward $2.
Q3: What is driving the increase in XRP Ledger activity?
Growth is being fueled by institutional adoption through platforms like Bitstamp, RLUSD, Braza Bank, and DeFi protocols expanding on XRPL’s compliance-focused infrastructure.
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