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- Amid the current rally, long-term holders are retaining their positions, showcasing confidence in XRP’s future growth.
- XRP faces key resistance at $1.14, with the potential to climb to $1.28 and beyond if bullish momentum continues.
Ripple’s native cryptocurrency XRP has drawn massive attention with a mega rally over the past weekend, driving it past $1 levels, thereby hitting a 3-year high. With more than 60% gains on the weekly chart, the XRP price is currently trading at a crucial resistance of $1.14, crossing which would boost additional investor activity. Additionally, over the past week, the XRP whale activity has surged significantly driving this price action.
XRP Whale Activity on the Rise
As said, XRP whale addresses have shown significant confidence in the altcoin thereby amassing more than a staggering 900 million XRP tokens within a span of a week. This influx, valued at around $1 billion, signals renewed interest from large investors and has played a key role in XRP’s impressive 122% price surge, boosting market confidence.
Additionally, the XRP whale accumulation also highlights a long-term bullish outlook for the altcoin while supporting its steady upward movement. This activity also acts as a stabilizing force, helping to mitigate sharp price drops. As whale holdings grow, the Ripple altcoin gains the support necessary to maintain its positive momentum.
Furthermore, the XRP age consumed metric shows no major spikes highlighting that the long-term holders continue to hold further without choosing to mover their coins. Typically, sharp increases in this metric signal profit-taking, which can exert downward pressure on prices. The absence of such movements suggests that LTHs remain confident in XRP’s future prospects.
This stability among LTHs strengthens the bullish sentiment for the Ripple altcoin. By holding onto their assets, these investors are signaling confidence in continued price growth, which helps solidify the support level around $1.00, reported CNF. This conviction provides a favorable foundation for XRP’s ongoing rally.
A Look At Price Chart And Technical Indicators
Following a more than 100% rally recently, the XRP price faces the task of breaking through the crucial resistance of $1.14, breaching which would be essential for the altcoin to continue its upward momentum moving ahead.
If bullish momentum persists, XRP could break above $1.14, potentially setting the stage for a climb toward $1.28 and higher. However, this outlook relies on continued whale accumulation and strong conviction from long-term holders to sustain the altcoin’s momentum.
However, if the XRP price loses the support of $0.99, it would invalidate the bullish thesis. A drop below this level could further slide the price to the next support of $0.87.
Ripple CEO Brad Garlinghouse recently shared that XRP could regain its lost glory when it was once the second-largest cryptocurrency by market cap leaving behind Ethereum, reported CNF.
