$724M XRP Swoop Sets Stage for Potential $2 Breakout

Large XRP holders have accumulated over 470 million tokens in just five days, ending September 24. According to analytics platform Santiment, this influx of capital increased the combined holdings of millionaire wallets from $12.37 billion to $12.80 billion in XRP.

The volume of supply absorbed on the spot market amounts to a staggering $724 million, with orders concentrated near a key technical barrier. This buying activity is seen as a strategic move by big money investors to absorb available liquidity before the market confirms an official breakout.

On-chain data reveals that this accumulation effectively completed a complex reversal pattern, forming the right shoulder of an inverse head-and-shoulders pattern on the daily timeframe. The chart's measured move played out immediately: XRP staged a 27.6% rally, rising from $1.25 to a local peak of $1.58.

The asset is now just a few cents away from a historic turning point, gathering strength before moving into uncharted price territory. Market observers note that the current accumulation dynamics closely mirror a market precedent from August, where a similar wave of whale buying led to an impulsive breakout and a 40.7% gain in one week.

The $1.60 mark remains the key trigger for the medium-term trend, with three possible scenarios emerging:

Breakout to $2.00: A close above $1.60 would decisively break the bearish trend, activate the reversal pattern, and send the price toward its projected target of $2.00 as short positions are liquidated in a cascade.

Technical pullback: If speculators take profits in the short term, the price could temporarily retreat to the moving average cluster around $1.34, $1.37, where buyers would face another test.

Prolonged consolidation: External macroeconomic factors could push the asset into a prolonged distribution phase within the established $1.25, $1.50 range, weakening the pattern's momentum.