A significant transfer of over $64 million in XRP by a Ripple whale has attracted market interest, with analysts indicating it is expected for a bullish breakout.
The transaction, which involved 29,532,534 XRP being moved from an unidentified wallet to Coinbase, suggests increased activity among major holders.
As $XRP remains above crucial support levels, traders keeping eye on the market attentively.
Technical indicators and movements by whales are fueling speculation regarding a possible rally in the near future.
Ripple Whale Activity Increases Ahead of Market Move
Recent on-chain data indicates that Ripple whales have expanded their holdings. As reported by Santiment, wallets containing between 10 million and 100 million XRP tokens accumulated over 200 million XRP in the past week.
This increase in accumulation by Ripple whales may suggest that institutional investors are positioning themselves for a potential price change.
Concurrently, 23% of cryptocurrency investors in the United States now possess $XRP , solidifying its status as one of the most recognized tokens in the nation.
Furthermore, the it is likely that chances of XRP ETF getting Approved have gotten higher to Polymarket, which has heightened investor interest.
The recent transfer of $64 million into Coinbase has also contributed to this positive outlook.
If this interpretation holds true, the token is expected (not confirmed) to breakout towards significant resistance levels.
XRP Price Action Signals Bullish Outlook
XRP is presently valued at approximately $2.20 after rebounding from a recent low of $2.15.
The price experienced a decline on April 30, resulting in $13.9 million in long liquidations, in contrast to only $1.49 million in short liquidations.
Crypto analyst Javon Marks remarked on the situation, stating, 'With lower time-frames confirming bullish signals, another upward movement may be anticipated for XRP.'
Following the decline, the token's futures open interest decreased by roughly 4%, indicating that traders may be adjusting their risk exposure.
Nevertheless, the $XRP price remains above its 20-day simple moving average (SMA), which is currently regarded as a significant support level at $2.1677.
The upper Bollinger Band, positioned at $2.3082, now serves as a critical resistance level. Should the XRP price close above this threshold with substantial volume, a movement towards $2.50 or $2.80 is probable.
Momentum Indicators Show Mixed Signals
The Relative Strength Index (RSI) is presently recorded at 52.44, indicating it is situated within the neutral range.
However, it is gradually rising, which could imply a growing interest in purchasing. The average RSI stands at 54.08, and the slight divergence between these figures is under careful observation.
The Chaikin Money Flow (CMF) currently stands at -0.13, reflecting some capital outflows while remaining close to the neutral threshold of 0.00.
A shift of the CMF into positive values would indicate a resurgence of buyer strength in the price of XRP. Additionally, the Bollinger Bands have contracted, typically signaling an impending breakout.
Traders are closely monitoring for price movements exceeding $2.31 accompanied by increasing volume, which would bolster the bullish outlook.
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