After several weeks of decline, the XRP cryptocurrency is poised for growth again. In the last week alone, its price has risen by more than 13%, with large investors also increasing their activity. The trend suggests that the altcoin could break through to the $3 mark.
Whales are increasing their positions
According to data from the Santiment analytics platform, the number of wallets holding at least 10,000 XRP has reached a new all-time high of over 317,000. This trend suggests that interest in accumulating tokens among larger investors is growing significantly. The development is seen as a healthy signal for the overall fundamentals of the ecosystem, as it shows that long-term holders are continuing to buy despite recent market volatility.
At the same time, the amount of XRP available on centralized exchanges is decreasing significantly. Data from Glassnode shows a decline in supply from 6.12% to 3.9% in a single month. This means that the cryptocurrency is disappearing from circulation and entering private storage, thereby reducing immediate selling pressure. If demand increases in the coming weeks, the remaining supply could be absorbed very quickly, creating room for sharper price growth.
Key resistance levels
From a technical perspective, XRP is showing strong signs of recovery after previous declines. Analysts are watching for a V-shaped recovery, i.e., a rapid return to higher levels after periods of decline. The key point remains the zone around $2.59, where the 200-day moving average is located. Breaking through this level could confirm the onset of a bullish trend and give the market the momentum it needs for further growth.
Further resistance areas lie between $2.81 and $2.95, where shorter moving averages intersect. Breaking through them would open the way to the psychological threshold of $3 and then to the key level of $3.40, representing approximately 25% potential from the current price. In addition, narrow Bollinger Bands indicate growing pressure for another significant move. If a daily close above $2.6 confirms the strength of buyers, XRP could re-enter a phase of strong growth in a short period of time.
