"Whales accumulated 360 million XRP"...XRP, signal for 35% additional rise activated

▲ XRP/ChatGPT generated image

XRP, which had been experiencing a bearish trend for several months, is showing clear signs of a reversal, raising expectations for an upturn.

CryptoPotato, a virtual asset media outlet, reported on April 21 that XRP's key technical indicators have turned bullish. XRP rose to around $1.50 in the middle of this week, confirming the presence of buying interest. Subsequently, profit-taking sell-offs emerged, and it is currently consolidating around the $1.43 mark. On-chain data also suggests that this trend is not just a simple rebound but a potential trend reversal.

Crypto analyst Ali Martinez analyzed that the SuperTrend indicator on the daily chart showed a buy signal. This is the first time the indicator has turned bullish since January. Martinez diagnosed that XRP is currently attempting to break through the key resistance level of $1.55, and if the daily closing price settles above this zone, an upward rally targeting $1.90 could unfold.

In the short-term trend, a symmetrical triangle pattern with decreasing volatility is forming. Analysis suggests that if this pattern breaks upwards, there could be an additional upside potential of approximately 35%. According to data analytics firm Santiment, whale investors have accumulated 360 million XRP over the past week. The movement of assets out of exchanges can lead to a decrease in market supply, acting as upward price pressure.

Inflows of institutional funds are also notably increasing. According to data platform SoSoValue, XRP spot ETFs have recorded net inflows for 7 consecutive trading days, maintaining the longest inflow streak since February. In particular, a net inflow of $3 million on April 20 alone showed renewed interest from institutional investors. The total net asset value of XRP spot ETFs currently exceeds $1.08 billion.

However, defending the $1.30 support level is identified as a key variable for maintaining the upward trend. If this zone is breached, the market could re-enter a sideways phase. XRP is currently at a critical juncture to determine whether it will break through major resistance levels, and investors are cautiously approaching, monitoring changes in technical indicators and institutional fund flows.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*