- XRP holds firm at $2.150 support, signaling strong accumulation and investor confidence
- Whale accumulation and $68.8M in realized profits hint at rising market momentum
- MACD and RSI indicators suggest XRP may be nearing a bullish breakout phase
XRP continues to trade within a tight range, sparking growing speculation over a potential breakout. The digital asset has been moving within a descending wedge pattern, a setup historically known to precede bullish surges.
Despite broader market turbulence, XRP has maintained a stable trajectory, signaling strength amid global uncertainty. With support levels holding firm and whale activity rising, analysts now believe XRP may be gearing up for a substantial move.
Strong Support and Technical Stability Fuel Confidence
AltcoinGordon, a prominent market analyst, notes XRP’s consolidation between $2.150 and $2.165. This narrowing wedge structure, paired with stable volume, points to strong accumulation.
Importantly, historical support at the 38.2% Fibonacci retracement level roughly $2.150 has consistently held. This has reassured investors, especially after a brief rally from $2.151 to $2.158. Although prices retraced, buyers quickly reclaimed control, reinforcing the support.
Whale Activity and Profit Data Signal Growing Momentum
Glassnode data shows daily realized profits reaching $68.8 million in June. This figure underlines the ongoing participation of early investors and continued confidence in XRP.
Despite profit-taking, the market has absorbed selling pressure effectively. The coin’s resilience post-January high of $3.39 supports this strength.
In addition, whales have been gradually increasing their holdings during the current range-bound phase. This accumulation strategy often precedes major price movements.
Outlook: XRP Prepares for a Key Breakout
As of press time, XRP trades at $2.17, posting modest gains in daily and weekly charts. Its market cap stands strong at over $127 billion, reflecting ongoing investor trust.
Moreover, technical indicators like the MACD and RSI hint at a potential shift. The MACD shows weakening bearish momentum, while the RSI hovers around 45.91, suggesting neutral conditions.
When these indicators align near such pivotal levels, they often signal the beginning of a trend reversal. Significantly, whale behavior during this consolidation adds another layer of bullish potential.
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