Does it trigger a price breakout of $2?

The XRP coin (XRP), which had a low of just $1.26 in April, has since recovered and risen as high as 19% on Sunday to reach a new three-week peak of $1.50.

A combination of whale activity, growing network and an improving technical setup indicated that the pair XRP/USD was poised to move higher as soon as resistance at $1.50 has been broken. 

The key takeaways

• 332,230 XRP whale addresss are a new record.
• XRP Ledger’s monthly transactions reached a new high in April of 71,000,000.
• To continue the upward trend, price needs to break through $1.50.

The XRP whales are showing increasing conviction

XRP whales continue to be confident of the potential for a breakout. They use the recent range of consolidations in order to acquire more tokens. 

Santiment’s whale count indicates that wallets with at least 10,000XRP have reached a record high. This is approximately 332,230.

“This extends a consistent growth trend that has been building since June, 2024,” Santiment said In an X-post on Wednesday.  

Related: XRP analysts watch key support zone as $12 price target emerges

Market intelligence company explained that a growing number of large and mid-sized stakeholders is a long-term indicator that shows that “larger holders have kept accumulating even during periods of volatility and uncertainty,” adding:

“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.”

Whale wallets for XRP Ledger Santiment

Data from Evernorth shows that XRP Ledger’s (XRPL’s) monthly transactions grew by 65% from the 43 million recorded a month ago to a record 71 million last April.

The XRP treasury is a firm that holds XRP as a treasury. said As XRPL expands its infrastructure, it is attributed to institutional utilities tied to Bitstamp (RLUSD), BrazaBank, and DeFi.

XRPL transactions. Source: Evernorth

The analyst CW8900 said XRP long positions are still dominant compared to retail position, suggesting they may be a more reliable investment. “maintaining a bullish view” The market

XRP whales vs. retail delta. Source: CW8900

Support for XRP is $1.50

XRP is seeking to break out from an ascending triangle, which has capped its price action since early February,  as shown below.

The ascending triangle pattern is formed by a price consolidation between the horizontal resistance trendline and a higher low trendline. Increased volume and a breakout above resistance often presage a powerful upward movement.

XRP is on a similar path, but the bulls must flip the $1.50 mark, which coincides with the convergence of the 100-day moving exponential average (EMA), and the triangle resistance line, in order to confirm that the breakout has occurred. This supply zone has seen the price rejected four times in a row since mid-February.

A second stiff barrier is found between $1.67 to $1.70, which is the area where the 200 day EMA lies. If you go higher than $1.98 (roughly 36% above current price), the next logical step would be to move toward the calculated target of the triangular pattern at that level.

Source: Cointelegraph/ XRP/USD chart daily Source: Cointelegraph/TradingView

“$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,” ChartNerd is a great tool for chart analysis. said In a post published on X Thursday, I added:

“$1.50/55 remains an imminent resistance to break.”

Neel zooms in on a colleague analyst said XRP/USD “needs a clear break above $1.60 for any meaningful short-term rally,” But if the price rose above $2.00, it would be considered a rise. “generate fresh momentum.”

Weekly XRP/USD chart. Source: X/Neel

Cointelegraph reported. The $1.50-$1.60 level is crucial for the bulls, and a breach above it could be a sign of a trend shift. propelling XRP price toward $2.40.