- XRP confirms bullish breakout with $2.60 target backed by technical indicators
- Whale wallets hit near-record levels, signaling strong investor confidence in XRP
- Momentum builds as XRP reclaims $2.39, with RSI and MACD showing bullish strength
XRP is capturing market attention once again as the digital asset inches closer to a significant price milestone. As of press time trading at $2.43, XRP has gained momentum following a clear breakout from a classic inverse head-and-shoulders pattern. This bullish reversal setup has sparked renewed optimism among traders, who are now eyeing a potential move toward the $2.60 mark.
Analyst Ali Martinez believes the breakout is valid, citing strong technical confirmation and rising investor interest. With the broader market regaining confidence and whale activity intensifying, XRP may be gearing up for another major leg up.
Technical Momentum Supports the Upside
XRP’s recent price action shows a breakout above the key neckline resistance at around $2.31. This move confirms the inverse head-and-shoulders pattern, a formation known to precede upward trends. The current price, now above $2.39 for the first time since May 23, shows resilience and bullish conviction.
Fibonacci extension levels offer key targets: the 1.272 extension sits at $2.46, while the 1.414 level is at $2.53. The primary target at the 1.618 extension aligns near $2.63, supporting Martinez’s projection of $2.60.
Momentum indicators also reinforce the bullish outlook. The MACD line remains above the signal line with a widening histogram, signaling continued buying pressure. Meanwhile, the Relative Strength Index (RSI) hovers at 66.90, showing strength but warning of a possible overbought condition soon.
Whale Activity Signals Growing Confidence
Santiment data adds another layer of confidence to the bullish narrative. The number of wallets holding over 1 million XRP now stands at 2,742 just one shy of a record high. These large holders currently control more than 47.32 billion XRP, a strong sign of conviction among long-term investors.
Moreover, whale accumulation often precedes large price moves, acting as a leading indicator for broader market trends. This steady rise in large wallet balances suggests that seasoned investors expect further gains. Consequently, this trend could help stabilize the price during short-term corrections.
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