bullish

would

XRP (XRP) has recovered from its April lows of $1.26, rising as much as 19% to a three-week high of $1.50 on Sunday.
Whale activity, network growth and a strengthening technical setup suggested that the XRP/USD pair was primed for a move higher once resistance at $1.50 is broken.&nbsp;
Key takeaways:
<ul>
 <li>XRP whale addresses hit record highs of 332,230, indicating accumulation.</li>
 <li>XRP Ledger monthly transactions hit an all-time high of 71 million in April.</li>
 <li>Price must break above the $1.50 resistance to continue its upside toward $2.</li>
</ul>
<h2 id="xrp-whales-show-growing-conviction">XRP whales show growing conviction</h2>
XRP whales remain confident about the prospects of a breakout, using the recent consolidation range to accumulate more tokens.&nbsp;
Santiment's whale count metric indicates that the number of wallets holding at least 10,000 XRP has reached an all-time high of about 332,230.
“This extends a consistent growth trend that has been building since June, 2024,” Santiment <a href="https://x.com/SantimentData/status/2054341745047978039" rel="noopener noreferrer nofollow">said</a> in an X post on Wednesday.&nbsp;&nbsp;
Related: <a href="https://cointelegraph.com/markets/xrp-probably-going-to-12-dollars-price-holds-bottom-for-months" rel="noopener noreferrer nofollow">XRP analysts watch key support zone as $12 price target emerges</a>
The market intelligence firm explained that the amount of mid to large stakeholders continuing to grow is an important long-term signal showing that “larger holders have kept accumulating even during periods of volatility and uncertainty,” adding:
<blockquote>
 “Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning.”
</blockquote>
<img alt="XRP whale wallets hit all-time highs: Will it push price above $1.50?" height="544" src="https://s3-images.ctmedia.io/media/content/pasted-image-645.png" width="1101">
XRP Ledger whale wallets. Source: Santiment
This aligns with growing XRP Ledger (XRPL) activity, whose monthly transactions jumped to a new all-time high of 71 million in April from 43 million a year ago, representing a 65% year-over-year growth, according to data from Evernorth.
The XRP treasury firm <a href="https://x.com/evernorthxrp/status/2053968522955624609" rel="noopener noreferrer nofollow">said</a> that the growth was driven by institutional utility tied to Bitstamp, RLUSD, Braza Bank, and DeFi protocols as XRPL continues to expand its compliance-focused infrastructure.
<img alt="XRP whale wallets hit all-time highs: Will it push price above $1.50?" height="780" src="https://s3-images.ctmedia.io/media/content/pasted-image-646.png" width="777">
XRPL transaction activity. Source: Evernorth
Meanwhile, analyst CW8900 <a href="https://x.com/CW8900/status/2054525145805635840" rel="noopener noreferrer nofollow">said</a> XRP whale long positions remain dominant relative to retail positions, suggesting that they are “maintaining a bullish view” of the market
<img alt="XRP whale wallets hit all-time highs: Will it push price above $1.50?" height="840" src="https://s3-images.ctmedia.io/media/content/pasted-image-647.png" width="1164">
XRP whales vs. retail delta. Source: CW8900
<h2 id="xrp-needs-to-flip-1-50-into-support">XRP needs to flip $1.50 into support</h2>
XRP is seeking to break out from an ascending triangle, which has capped its price action since early February,&nbsp; as shown below.
An ascending triangle is a bullish continuation pattern formed when the price consolidates between a horizontal resistance line (flat top) and a rising support trendline (higher lows). A breakout above resistance with increased volume often precedes a strong upward move.
XRP appears to be on a similar trajectory, but bulls need to flip $1.50, where the 100-day exponential moving average (EMA) and the triangle’s resistance line converge, to confirm the breakout. Note that the price has been rejected from this supply area four times since mid-February.
Another stiff barrier lies within the $1.67 and $1.70 supply zone, where the 200-day EMA sits. Higher than that, the next logical move would be toward the measured target of the triangle at $1.98, roughly 36% above the current price.
<img alt="XRP whale wallets hit all-time highs: Will it push price above $1.50?" height="1111" src="https://s3-images.ctmedia.io/media/content/pasted-image-648.png" width="2048">
XRP/USD daily chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/XRPUSD/" rel="noopener noreferrer nofollow">TradingView</a>
“$XRP has been defending its daily 20 EMA since it was reclaimed in early May ($1.42), which has since been guiding the price higher,” analyst ChartNerd <a href="https://x.com/ChartNerdTA/status/2054499716033806571" rel="noopener noreferrer nofollow">said</a> in a Thursday post on X, adding:
<blockquote>
 “$1.50/55 remains an imminent resistance to break.”
</blockquote>
Zooming out, fellow analyst Neel <a href="https://x.com/NeelMacro/status/2054343923116769311" rel="noopener noreferrer nofollow">said</a> XRP/USD “needs a clear break above $1.60 for any meaningful short-term rally,” but rising above $2.00 would “generate fresh momentum.”
<img alt="XRP whale wallets hit all-time highs: Will it push price above $1.50?" height="1315" src="https://s3-images.ctmedia.io/media/content/pasted-image-649.png" width="948">
XRP/USD weekly chart. Source: X/Neel
As Cointelegraph <a href="https://cointelegraph.com/markets/price-predictions-513-btc-eth-bnb-xrp-sol-doge-hype-ada-zec-bch" rel="noopener noreferrer nofollow">reported</a>, the $1.50-$1.60 is a critical level for the bulls to overcome in the short term, as a break above could signal a potential trend change, <a href="https://cointelegraph.com/markets/xrp-metrics-line-up-bull-signals-full-scale-rally-2-dollars" rel="noopener noreferrer nofollow">propelling XRP price toward $2.40</a>.

XRP whale wallets hit all-time highs: Will it push price above $1.50?

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Cointelegraph

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