The trend of $XRP whale adoption has significantly increased, positioning the Ripple coin for a long-anticipated price breakout.
Recent reports indicate that more than 300,000 addresses now possess a minimum of 10,000 XRP, suggesting that whales are accumulating amidst growing geopolitical uncertainty.
The data reveals a notable surge in XRP adoption, even as the XRP price remains stagnant around the $2.2 mark. Could this accumulation potentially ignite a rally in XRP prices?
XRP Whale Adoption Trend Grows
As per the X update, supported by a Glassnode chart, the increase in whale accumulation does not align with the prevailing price trend.
Since December 2024, the count of addresses possessing at least 10,000 XRP has risen from approximately 281,000 to 300,000.
The movements and accumulation of Ripple whales significantly influence the market's trajectory, indicating a level of confidence in the asset.
Although the $XRP burn rate is low, the activities of these whales are a crucial metric for assessing the ecosystem's vitality.
Ripple whales have recently purchased over 200 million XRP, increasing the potential for a price surge.
Nevertheless, ongoing uncertainty in the wider market has hindered the leading altcoin from achieving a breakout.
Will XRP Price Make a comeback?
As of the current moment, XRP is trading at $2.13, reflecting a decrease of 0.6% over the last 24 hours.
This decline has resulted in a loss of more than 6% over the past week, although the coin has experienced a 7% increase over the preceding 30 days.
In light of the uncertainty surrounding the upcoming FOMC Meeting and its potential effects on risk assets such as Bitcoin and XRP, market analyst CasiTrades has provided a cautious forecast for XRP.
CasiTrades reports on X that the $XRP price is gaining momentum for a possible breakout.
She has identified support levels at approximately $2.078 and $2 for the cryptocurrency, indicating that these levels have previously acted as pivotal points.
Furthermore, she believes that the XRP Relative Strength Index (RSI) indicates signs of exhaustion on shorter timeframes.
It is important to note that the price may initially drop to $1.9 before experiencing a significant rebound. This represents an advantageous price point for accumulating long positions.
If these supports remain intact, the digital currency could surpass $2.25, $2.68, and potentially higher, provided that XRP whales continue their purchasing activity.
Fundamental Catalysts Holding Up
The technical developments of the digital currency are accumulating, and the overall trend within its ecosystem is also generating optimism.
Ripple Labs has made significant strides in its business by proposing a $5 billion acquisition of Circle, the issuer of the USDC stablecoin.
Although this proposal was reportedly declined, the company is well-positioned to expand its business operations following its recent acquisition of Hidden Road, a leading brokerage firm.
XRP ETF futures products are currently trading at a premium, reflecting the broader trend of whale adoption in the derivatives market.
Overall, the anticipation of a long-term price breakout for the coin remains a focal point for investors.
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