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XRP Whale Moves $143 Million – Is A Rally To $2.60 Inevitable?
A massive transfer of 66.9 million XRP, valued at over $143 million, between unknown wallets has sparked renewed excitement around the token. This significant whale activity coincides with Ripple (XRP) holding firmly above the $2.00 psychological support level.
At press time, XRP was trading at $2.12, posting a 3.97% gain in the past 24 hours. Therefore, attention now shifts to whether this bullish setup can drive a rally towards the $2.60 resistance level.
Rising Exchange Reserves: Should Traders Worry or Prepare?
According to on-chain data, XRP’s total exchange reserves have increased by a whopping 5.9% in the past 24 hours, reaching $6.066 billion at press time. Typically, rising exchange reserves signal a potential increase in selling pressure as more tokens become accessible for trading. However, not all inflows lead to immediate dumps. Sometimes, these transfers are strategic, preparing for upcoming liquidity events or major accumulation zones.
The XRP Technical Chart: Setting Up For The Next Leg Higher?
XRP is respecting a well-defined range, bouncing strongly from the $2.00 support level for the third time since early March. This current structure suggests the formation of a higher low, signaling a bullish shift in momentum.
If buyers push the price above the $2.61 resistance level, a swift move towards the $3.39 region could unfold. Additionally, a breakout above this range would confirm trend continuation, drawing in fresh momentum traders into the market.
On-Chain Activity Is Heating Up – What Does It Mean?
On-chain metrics have revealed encouraging signs of renewed network participation. Active addresses grew by 0.92% over the past 24 hours, reaching a total count of XXXX. These figures could be fueling the recent surge in XRP’s value.
Liquidation Clusters: A Potential Catalyst For A $2.60 Breakout?
These levels could act as short-term hurdles yet also serve as fuel for a potential breakout once price breaches these areas. Once this happens, short liquidations may trigger a cascading push towards $2.60 and possibly higher.
In conclusion, XRP appears poised to break out towards $2.60. Strong whale movement, bullish technical structure, growing on-chain activity, and layered liquidation levels support this outlook. Unless a sharp reversal breaks below $2.00, XRP’s momentum remains firmly intact.
Traders should prepare for a potentially explosive upside move.
Source: https://ambcrypto.com/xrp-whale-moves-143m-is-a-rally-to-2-60-inevitable/
