XRP’s ascending triangle pattern hints at a breakout above $2.50 toward $3.20–$3.40.
Whale wallets accumulated 190 million XRP in one week, raising holdings to 6.27 billion XRP.
Ripple’s banking license application and RLUSD growth contribute to the recent surge in buying pressure.
The price of Ripple XRP is approaching a critical point with the technical indicators and the move observed on-chain, which demonstrates potential gains. The ascending triangle scheme is drawing the attention of market watchers on different scales, such as 4-hour, daily, and weekly charts.
Since XRP loops inside this formation, the MACD and RSI momentum indicators are bullish. Volume is fairly low and often a lead indicator of major price action. A breakout above $2.50, if supported by strong volume, could potentially lift the price toward the $3.20 to $3.40 range.
This phenomenal breakout will occur in a matter of days to two weeks as XRP approaches the peak of the triangle. As various technical indicators gather steam, market traders are keen on observing whether XRP can maintain this bullish formation.
XRP Futures Open Interest Reaches New Highs in 2024
Alongside technical signals, XRP’s futures open interest has risen sharply in recent days. Open interest recently peaked at $800 million before settling around $743 million, reflecting a 33% increase since June 22. This surge marks the highest open interest since January.
https://twitter.com/Xaif_Crypto/status/1942888859156770934
These statistics indicate that traders are strategizing to either take advantage of the next move of XRP, either higher or lower. Bulls seem to be picking up in the derivatives market, and this trend may add fuel to the spot price. This open interest gain, together with an increase in technical pressure, has sustained the feeling of a closer breakout
Whale Accumulation and Ripple’s Banking License Pursuit Add Fuel
Moreover, whale accumulation has intensified during the past week. According to the on-chain data, wallets with 1-10 million XRP tokens in their possession have increased their holdings by 6.08 billion to 6.27 billion XRP. This accumulation is equivalent to 190 million XRP added within a week, indicating an increase in activity by huge investors.
https://twitter.com/Xaif_Crypto/status/1931361135238013138
In parallel, Ripple’s recent banking license application has attracted significant market interest. The price momentum has also been driven by the interest in receiving a U.S. banking license and the expansion of the RLUSD stablecoin activities. Such changes, combined with general market dynamics, help XRP sustain its gradual accumulation process, which leads to the next possible breakout.
