XRP price has recently experienced a notable breakout from an ascending triangle pattern, sparking optimism for further upside potential.
Analysts and blockchain data suggest that whale accumulation and strong market momentum are key factors driving this surge.
Ascending Triangle Breakout and $4.83 Target
On the daily timeframe, XRP’s price action has created a clear break from an ascending triangle that signals an impending trend in the upward direction.
XRP’s breakout occurred after XRP consolidated between $2.80 and $3.00, a crucial support zone that took hold over the past few weeks.
Between $3.40 and $3.50 is the current resistance where selling pressure has been evident.
Rose Premium Signals gives a price target to rise to $4.8334 using technical analysis and expects a big bullish momentum.
In the past 24 hours, XRP’s price has skyrocketed over 5%, going from $2.92 to $3.28 and then settling with a small decline.
Source: X
XRP could extend its gains as long as it holds above critically important support levels according to the pattern and price action.
Whale Activity Signals Strong Confidence
A look at blockchain data shows that whales, or large XRP holders, have significantly increased their positions.
According to Santiment data, wallets possessing 1 million to 10 million XRP have added more than 100 million XRP to their balance in the past 48 hours, said analyst Ali.
Source: X
Whale activity and XRP’s price chart closely correlate as the login balances of those holders are gradually increasing alongside the price of XRP.
XRP’s rise from $2.60 to $3.30 from January 12 until January 18 is best explained by whale accumulation that accelerated between the two dates.
The implication of this is the confidence the big holders have XRP has in the price rising even further.
40 Million XRP Transferred to Binance
Blockchain tracking service Whale Alert reported that 40 million XRP, valued at approximately $124.8 million, was transferred to Binance within the last few hours.
The large transfer initially sparked speculation about potential market moves.
Source: X
However, data from XRP-focused explorer Bithomp clarified that the transfer was likely an internal transaction as Binance redistributed its XRP holdings among its wallets.
Despite this, the news coincided with XRP’s price surge and added to the ongoing bullish sentiment in the market.
XRP’s Recent Performance
The past week has witnessed strong performance from XRP, in fact the price is now 38.15% up. In the last 24 hours, XRP gained 5.08 percent to $3.28 on a volume of about $17.6 billion.
This comes after Bitcoin has rallied to a new all-time high of $109,114 and fueled a broader uptrend in the cryptocurrency market.
XRP breaking out of an ascending triangle suggests the $4.83 target may be achievable as XRP continues its ascent.
However, traders are keeping an eye on resistance and support levels for confirmation of sustained momentum.
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