XRP Price Soars 8% on Whale Accumulation: Is $3 Breakout Imminent?

• Whales have bought 1.09 million XRP over the past week.
• XRP price surged around 20% and was aiming to breach the $3 mark shortly.

XRP, the third’s largest cryptocurrency has captured market attention following its recent price rally of over 20% in a week. Amidst significant whale accumulation, XRP price saw a winning streak and was aiming to breach the $3 hurdle.

At press time, XRP price was trading at $2.76, noting a rise over 7.85% in the past 24 hours. It has displaced USDT and grabbed 3rd in the overall crypto market. Over the past seven days, it has surged around 20% and pushed the market cap to $159 Billion.

Amidst the growing speculation about an ETF listing in the US and optimism toward President-elect Donald Trump’s looming inauguration, XRP price set to break the $3 hurdle and ready for a flight.

Whales Accumulation in XRP Persists: a Bullish Signal?

Whale accumulation seems to be driving bullish momentum as XRP price continued to surge. Ali Martinez (indpenedent analyst) highlighted that whales have bought 1.09 billion in the past seven days.

Also, the whale transaction count has exceeded $1 Million in the past 24 hours, hinting that large investors prepared to chase the breakout rally and accumulated heavily.

Can XRP Break Through the $3 Mark?

A recent tweet by XRP whale pointed out that XRP crypto has registered a bullish flag pattern breakout and is poised for a sharp rally. If it clears the previous week month’s higher region of $3, it could rally toward $10 in the short term.

Moreover, Santiment data showed that XRP’s price rise can be attributed to the massive accumulation from wallets holding between 1M to 10M XRP tokens.

The cohort has bought 1.43 billion tokens since November 2021, marking an increase of over 37.4%.

Could XRP Attract Massive Inflows?

If the XRP ETF rumors are true, that is, if the ETFs are approved, a massive rally could be seen ahead.

JPMorgan’s analysts have estimated that this product could gather inflows as high as $14 Billion, while the cohort of XRP funds will attract between $4 Billion to $8 Billion.

JPMorgan’s analysts have estimated that this product could gather inflows as high as $14 billion, while the cohort of XRP funds will attract between $4 Billion to $8 Billion.

XRP Price Prediction: Breaking Down the Barriers

Per the daily chart setup, XRP crypto rides in a strong momentum and poised to break the $3 resistance mark. It holds beyond the key EMAs and displays a bullish chart structure.

However, the risk of pullback remained as significant supply was available near the $3 hurdle and the altcoin approached the overbought region.

Additionally, the volatility ratio of 5.83% conveys that XRP could be vulnerable for wild swings.

The Open Interest (OI) has risen over 15.17% to $6.45 Billion, reflecting long buildup activity in the past 24 hours.

The immediate support zones were $2.50 and $2.30, whereas the resistance zones were $3 and $3.60 needs to be watched out in the next sessions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.