XRP (XRP) price has remained relatively stagnant for the past eight days, trading near its $2.00 support after a marketwide recovery over the weekend. However, onchain and technical indicators paint a bullish picture for a potential breakout toward $3.00. 📈 📈 📈
**Whale Activity Driving Potential:**
– XRP has seen substantial accumulation from large investors since April 1st. XRP whale addresses holding between 10 million and 100 million XRP (black line) and those with over 1 billion XRP (red line) have both increased sharply in recent weeks. This suggests confidence in XRP’s price rise, despite broader market risks.
– Exchange reserves for XRP have also seen a significant decrease. From its peak of 3.27 billion XRP in November 2024, today’s reserves stand at around 2.7 million. This decline has occurred despite the volatility witnessed since April 1st.
**Potential Breakout:**
– A bull flag pattern appears on the daily chart, with XRP testing its upper trendline of the flag near $2.10. Repeated attempts to break this trendline have led to increased buying activity around $2.10.
– This suggests a potential breakout and price rise toward the $2.93 or $3.00 psychological levels if significant volume supports it. 📈
**Analyst Opinions:**
– Several analysts agree on the bullish outlook, citing XRP’s consolidation as a precursor to a significant move upwards. They note that breaking through resistance near $2.22 and $2.75 could pave the way for a breakout. Meanwhile, others like CasiTrades believe rejection at $2.24 implies potential sweep of support levels around $1.90 or $1.61 before XRP sees a breakout.
**Disclaimer:** This article provides analysis but not financial advice. All investments and trading strategies carry risks, and thorough research is essential before making any decisions.