XRP, Whales Scoop Up 360 Million..."Signal for Direct Ascent to $1.9 Has Appeared"

▲ XRP/ChatGPT generated image

XRP is breaking away from a months-long bearish trend and showing clear signs of a rebound.

According to a CryptoPotato report on April 21, XRP briefly rose to around $1.5 in the middle of the week, demonstrating the presence of buying pressure. Subsequently, profit-taking sales emerged, and it is currently consolidating around the $1.43 mark. On-chain data also suggests that this movement is not just a simple rebound but a potential trend reversal.

Crypto analyst Ali Martinez analyzed that the SuperTrend indicator on the daily chart has turned into a buy signal. This is the first time the indicator has shown a buy signal since January. He diagnosed that XRP is accumulating strength before breaking through the key resistance level of $1.55, and if it closes above this level on a daily basis, a full-fledged upward phase targeting $1.9 could open up.

In the short-term trend, a symmetrical triangle pattern where volatility converges is forming. Martinez predicted that if this pattern breaks upwards, there could be an additional upside potential of approximately 35%. On-chain data also supports the dominance of buying pressure. According to data analytics firm Santiment, whale investors have net accumulated approximately 360 million XRP over the past week. The movement of assets out of exchanges leads to a decrease in circulating supply, acting as a factor that increases upward price pressure.

The inflow of institutional funds is also clear. According to SosoValue data, the XRP spot ETF has recorded net inflows for seven consecutive trading days, continuing its longest inflow streak since February. On April 20 alone, $3 million flowed in, and the total net asset value exceeded $1.08 billion. This indicates that institutional investor interest is steadily expanding.

However, the key conditions for maintaining the upward trend are also clear. XRP must defend the $1.3 support level. If this level breaks, there is a high probability of returning to a sideways consolidation phase. The market is currently assessing whether to break through major resistance levels and is entering a phase of preparing for its next direction. Investors appear to be responding cautiously, monitoring technical indicators and changes in institutional supply and demand.

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