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$XRP is gearing up for a price breakout as the broader crypto market turns bullish and whales accumulate the coin in large numbers.
$XRP moved one place lower in the crypto market ranking, with BNB overtaking it to become the third-largest cryptocurrency by market cap excluding stablecoins. This comes as $XRP continues to consolidate, trailing the momentum seen among large-cap coins like Bitcoin and Ethereum.
At the time of writing, $XRP trades at $1.35, down a little over 1% in the past 24 hours. The coin has also remained almost unchanged in the past seven days, down just 1.9%, further confirming how stagnant its price has been lately.
$XRP Price Analysis
Despite this consolidatory trend, the positive is that the $XRP price has held support. While it has not yet broken out, the altcoin has maintained the $1.30-$1.33 support zone, keeping hopes of a breakout alive.
Notably, $XRP has consolidated around the mid $1.30s for over two weeks now, building momentum for a breakout. For context, the longer a consolidation, the stronger the breakout. Now, with the broader market recovery and sentiments improving, it is only a matter of time before $XRP breaks out.
The crucial point to watch is the 50-day moving average. $XRP has faced rejection on the last two attempts to break above this dynamic resistance, peaking at around $1.395 on April 7 and 14.
Multiple retests weaken selling pressure, and if $XRP keeps hitting this supply wall, a breakout could be imminent. Currently at $1.38, breaking above the 50-day MA with strong volume sets the pace for a rally to the next resistance stronghold around $1.46.
However, further market participation could help this course. Futures trading volume is down 2.67% in the past 24 hours, and $XRP spot activities have dropped 7.38% in the same timeframe. $XRP open interest has also dropped 4.43% in the past day, indicating slower spot and derivative traction towards the coin.
Whale Accumulation Provides Support
However, amid the $XRP consolidation, whales are accumulating in large numbers. Recent data confirmed that $XRP whales bought 20 million $XRP in the past week, pushing their stash above 3.7 billion tokens.
Coinglass’ $XRP spot flow also confirms an increased accumulation among holders. In the past 24 hours, $130.52 million flowed into exchanges, while $131.48 million flowed out, resulting in a net outflow of $966,180. The pattern becomes even clearer on higher timeframes, with $685.18 million entering exchanges and $694.11 million leaving.
The trend indicates clear accumulation relative to distribution, as holders move their stash into self-custody wallets for long-term holding. Such accumulation near support further builds the momentum for a breakout and subsequent price expansion.