XRP has remained relatively stable over the past eight days, hovering just above the $2.00 support level after experiencing a market-wide recovery at the weekend. Onchain and technical indicators suggest XRP’s price could surge towards the $3.00 mark. 📈 📈
Since April 14th, XRP’s price has been confined within a narrow range between $2.03 and $2.13, with the daily relative strength index (RSI) remaining flat at approximately 49, indicating market indecision. However, whale activity is showing promising signs, as onchain data reveals that large investors have capitalized on the price drop to acquire XRP at a lower value. Notably, addresses holding between 10 million and 100 million XRP have witnessed a sharp increase since April 1st according to Santiment data. Similarly, addresses holding over 1 billion XRP have steadily grown, now representing 39.37% of the total XRP supply – an increase from 37.67% at the end of March. This trend may reflect investor confidence in XRP’s potential price growth despite current macroeconomic uncertainties.
Furthermore, XRP has seen a notable decline in exchange reserves. The XRP balance on exchanges peaked at 3.27 billion XRP in November 2024 but now stands around 2.7 million XRP. This decrease, which represents a 10% drop over the last 30 days, occurred despite market volatility since early April.
XRP has formed a potential bullish flag pattern on its daily chart between April 7th and April 22nd. The price has retested the upper trendline of the flag at $2.10. This suggests a possible breakout could occur if strong buying volume emerges. While the price has failed to surpass this trendline multiple times, each attempt has led to new buyers accumulating around this region.
Several analysts are optimistic about XRP’s upward trajectory, predicting a significant move following its current consolidation period. Popular trader Dark Defender believes that XRP is testing a key multi-month resistance level and if broken, the price could break out towards $4.00. Key levels to watch include $2.22 and $2.75 on the upside and $1.80 and $1.61 on the downside.
Meanwhile, fellow trader CasiTrades suggests that rejection at $2.24 indicates a price sweep towards major support levels around $1.90 or $1.55 before XRP breaks out. Lastly, Wyckoff reaccumulation and falling wedge patterns are suggesting a bullish target for XRP above $3.50.
It’s important to note that this article does not contain investment advice or recommendations. All investments carry risks, and it’s essential for readers to conduct their own research before making any decisions.