XRP price has been trading within an ascending triangle pattern, indicating a potential breakout that could increase the altcoin’s price by 28.9%.
Whales, or key market players, have been accumulating large amounts of XRP, signaling confidence in an upward price movement. Specifically, addresses holding between 10 million and 100 million XRP tokens collectively purchased 200 million XRP, valued at over $116 million. This significant accumulation suggests a bullish potential for the asset.
The increased whale activity indicates market confidence, as such holders typically anticipate a price rally. This could enable XRP to break out of its current pattern, giving momentum to the cryptocurrency and offering investors substantial gains.
Currently, the Market Value to Realized Value (MVRV) Long/Short Difference reveals a shift. Negative values often indicate that short-term holders are profiting, while positive values mean long-term investors are in the green. Currently, long-term profits are modest, leading investors to hold for larger returns, supporting the potential for a bullish breakout.
XRP must surpass the resistance at $0.64 and establish it as a new support level for the breakout to materialize. Whale activity suggests this is achievable, but maintaining momentum above this threshold remains crucial.
Failure to breach the $0.64 barrier might result in XRP consolidating between $0.56 and $0.64, delaying a price rally and dampening investor expectations.
