“Whales Swept Up 360 Million XRP”…XRP, 35% Additional Rise Signal Activated

▲ XRP/ChatGPT generated image

XRP, which had been on a bearish trend for several months, is showing clear signs of a reversal, fueling expectations of a rally.

CryptoPotato, a specialized virtual asset media outlet, reported on April 21st that XRP's key technical indicators have turned bullish. XRP rose to around $1.50 in the middle of this week, confirming the presence of buying interest. Profit-taking subsequently emerged, and it is currently taking a breather around the $1.43 mark. On-chain data also suggests that this movement is not merely a rebound but a potential trend reversal.

Virtual asset analyst Ali Martinez analyzed that the SuperTrend indicator on the daily chart showed a buy signal. This is the first time the indicator has turned bullish since January. Martinez diagnosed that XRP is currently attempting to break through the key resistance level of $1.55, and if the daily closing price settles above this range, an upward rally targeting $1.90 could unfold.

In the short-term trend, a symmetrical triangle pattern with decreasing volatility is forming. Analysis suggests that if this pattern breaks out upwards, an additional upside potential of approximately 35% could open up. According to data analytics firm Santiment, whale investors have accumulated 360 million XRP over the past week. The movement of assets out of exchanges can lead to a decrease in market supply, acting as upward price pressure.

Institutional capital inflows are also noticeably increasing. According to data platform SoSoValue, the XRP spot ETF has recorded net inflows for 7 consecutive trading days, maintaining its longest inflow streak since February. Notably, a net inflow of $3 million on April 20th alone showed renewed interest from institutional investors. Currently, the total net asset value of the XRP spot ETF has exceeded $1.08 billion.

However, defending the $1.30 support level is identified as a critical variable for maintaining the upward trend. If this level breaks, the market could re-enter a sideways consolidation phase. Currently, XRP stands at a watershed moment, determining whether it will break through key resistance, and investors are maintaining a cautious approach, closely watching changes in technical indicators and institutional capital flows.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*