[Shocking!] XRP Breaks $2.32, Can It Withstand Massive Selling Pressure from Whales and Continue to Surge?

Recently, XRP broke through a key resistance level, reaching a price of $2.32, with a daily increase of 6.73%. However, a whale transaction worth $68.7 million has raised concerns about market pressure. Nevertheless, XRP's strong fundamentals continue to support its upward momentum.

The breakout signal is clear, but can the upward trend be maintained?

XRP successfully broke through the neckline resistance of the inverted head and shoulders pattern, confirming a bullish technical outlook. Currently, $2.26 is a key support level, and holding this price is crucial for maintaining the upward targets of $2.60 and even higher at $2.90. However, the influx of whale funds may bring short-term selling pressure, challenging the current breakout.

Speculation is surging, and long positions are concentrated.

Speculative interest in XRP's derivatives market has surged dramatically, with a spike in trading volume and rising open interest, indicating strong bullish sentiment in the market. However, such concentrated long positions also suggest that once the market reverses, there may be severe volatility.

Fundamentals support, NVT ratio declines.

XRP's NVT ratio has significantly decreased, indicating healthy on-chain activity, with increased trading volume supporting price rises. This is consistent with the current technical trend, enhancing the credibility of the breakout.

Social activity is rising, and market sentiment is improving.

The volume of social discussions about XRP has rebounded, indicating a gradual warming of sentiment in the crypto community, which usually drives participation from retail investors and supports bullish breakouts.

Future Outlook: The Breakout Must Maintain Key Support

The strong momentum following XRP's breakout still faces challenges from whale selling pressure. To continue rising towards $2.70 and higher levels, XRP must hold the $2.26 support. Continued buying pressure will be key to achieving the upward targets.

The momentum of XRP's breakout remains strong, but caution is still necessary in the short term, with close attention to changes in whale trading and market sentiment.