XRP's price has struggled to break above key Fibonacci retracement levels, notably the 50% line at $0.60 and currently the 38.2% line at $0.55. Recent significant accumulations by crypto whales, who hold between 10 million and 100 million XRP, have ignited optimism for a price rally.
These whales accumulated over 330 million XRP, worth $177 million, in the past week. This suggests confidence in a price increase, as large accumulations often signal positive market sentiment.
On a macro scale, the Mean Coin Age (MCA) indicator shows that long-term holders are increasingly opting to HODL rather than move XRP, reflecting renewed confidence among investors and potentially supporting sustained price growth.
XRP recently noted a modest 3% rise over five days but faces resistance around $0.55. If this level turns into support, XRP could recover and gain upward momentum. However, failure to breach $0.55 may result in consolidation around lower Fibonacci levels.
