XRP’s recent price movement is taking the crypto community by storm as it breaks through crucial resistance points, including the pivotal $2.40 level. This surge can be attributed to a revival in market sentiment and increased participation from key investors.
Surge in XRP Price and Institutional Interest
After a period of stagnation between the $2 and $2.35 range, XRP has finally experienced a breakout. As the broader market turned optimistic, the cryptocurrency has reached heights not observed since May, igniting speculation about the longevity of this rally.
During this price escalation, Santiment, a prominent analytics and data company, reported that XRP’s market valuation has surpassed $2.39, marking it as a seven-week high. This noteworthy increase emphasizes the token’s strength and may pave the way for a larger bullish movement in the near future.
The catalyst for this upward trend seems to correlate with the increasing number of whale wallets within the XRP network, suggesting that large-scale investors are accumulating the altcoin, fueling its recent rally.
This increasing interest from larger investors is revitalizing the XRP ecosystem, even as the broader market remains cautious. Per data from Santiment, there has been a noticeable rise among wallet addresses owning at least 1 million XRP, reflecting robust conviction and demand in the institutional segment.
According to recent information, the number of addresses holding 1 million XRP has reached 2,742, just shy of the all-time high of 2,743 recorded recently. This milestone emphasizes the growing interest from major players in the market.
Additionally, this cohort of investors has amassed over 47.32 billion XRP, valued at approximately $114 billion at current rates. Such accumulation signifies a sustained confidence in the altcoin’s future prospects.
Historical Patterns Support Potential Bullish Momentum
With key market players firmly holding their assets, the groundwork is potentially being laid for a significant upward movement. In an insightful analysis shared on the X platform, a crypto enthusiast named Ripples has highlighted an intriguing pattern that may indicate an impending rally for XRP.
According to Ripples, this rally is reminiscent of a historic trend from 2017, where the altcoin consolidated for 32 weeks before breaking out in the 33rd week. This assertion aligns with current observations, where XRP has been consolidating for over 32 weeks, suggesting it may be poised for a significant breakout.
The expert’s analysis suggests that if past trends hold true, XRP could be on the cusp of not just a rally, but a new all-time high.
