XRP has surpassed the previous all-time high, signaling the beginning of a broader bullish phase. Supported by technical strength, increased trading volume, and strong market activity, XRP's current position indicates a breakout from the long-term pattern. At the time of writing, XRP is trading at $2.44.
Technical Structure Signals New Growth Phase
According to analysis conducted by CW8900, XRP has entered Phase 4 in its multi-year price structure. This follows XRP's breakout from a long-term accumulation pattern. In 2017, XRP surged from a triangle pattern and reached an all-time high. From 2018 to 2020, the price underwent a long-term correction with a gradual decline.
From 2021 to 2023, XRP has formed an expanding wedge structure with higher lows. This accumulation phase has led to the current breakout from the previous resistance zone. Currently, in Phase 4, XRP is showing a wider range trading pattern. Two price targets have been noted: the previous all-time high and the Fibonacci extension level of 6.618 at $21.5.
XRP has risen from $2.277 to $2.44 in the past 24 hours, with an increase of 2.88%. Trading volume increased by 15.94% to $4.74 billion. The price has maintained above $2.40 throughout the trading session, indicating strong buying pressure.
Whale Accumulation and Increasing Market Participation
Currently, 47.32 billion XRP tokens are being held in wallets with more than 1 million XRP. This figure is nearing the all-time high, indicating increasing interest from large investors. The total supply is currently 99.98 billion, with 59.06 billion in circulation.
Whale activity increased after 200 million XRP, valued at $477 million, was transferred from Ripple to an unidentified wallet. The trading volume to market cap ratio is 3.3%, reflecting a high level of participation. XRP's fully diluted valuation reaches $244.19 billion.
According to JackTheRippler's observation, XRP recently broke out of a triangle pattern, confirming strong momentum. If volume continues to increase, XRP may continue its upward trend towards the next resistance level. $XRP