XRP Breaks Above Key Resistance as Whale Accumulation Surges
XRP is showing signs of renewed strength after recovering from a prolonged decline. Crypto analyst Crypto Patel highlighted a potential long-term breakout setup, where XRP has recovered from a 74% drawdown from its current all-time high and stabilized its broader structure.
The price of XRP is experiencing significant resistance at $1.70 and $3, while support is concentrated at $1 and $0.60. According to Patel, moving decisively above the level of $1.70 will solidify the bullish trend structure and potentially allow for an advance towards much higher prices.
His macro target range is from $10 to $18. TradingView chart analysis indicates that XRP is shifting from months-long bearishness to a high level of volatility and consolidation, with the price currently at $1.374. The technical chart also illustrates that there is a collection of various exponential moving averages ranging from about $1.263 to $1.357, forming an important support area below the prevailing price level.
A rise in XRP whales' movements over the last 96 hours has been noticed by crypto market analyst Ali Charts, with big investors buying approximately 1.54 billion XRP tokens worth $2.2 billion. The accumulation of such tokens can grab the attention of the market as a result of large-holder positioning affecting the supply and liquidity of the market.