XRP, Whales Sweep Up 360 Million... "Signal for Direct Path to $1.9 Has Emerged"

▲ XRP/ChatGPT generated image

XRP has broken free from a bearish trend that lasted several months and is showing clear signs of a rebound.

According to a report by CryptoPotato on April 21, XRP briefly rose to around $1.5 in the middle of the week, demonstrating the presence of buying power. Subsequently, profit-taking sales emerged, and it is currently consolidating around the $1.43 level. On-chain data also suggests that this trend is not a mere rebound but potentially a trend reversal.

Virtual asset analyst Ali Martinez analyzed that the SuperTrend indicator on the daily chart has switched to a buy signal. This is the first time the indicator has shown a buy signal since January. He diagnosed that XRP is accumulating strength before breaking through the key resistance level of $1.55, and if it closes above this level on a daily basis, a full-fledged upward phase targeting $1.9 could open up.

In the short-term trend, a symmetrical triangle pattern where volatility converges is forming. Martinez predicted that if this pattern breaks upwards, there could be an additional upside potential of approximately 35%. On-chain data also supports the dominance of buying power. According to data analytics firm Santiment, whale investors have net accumulated approximately 360 million XRP over the past week. The movement of assets out of exchanges leads to a decrease in circulating supply, acting as a factor that increases upward price pressure.

The inflow of institutional funds is also clear. According to SosoValue data, the XRP spot ETF has recorded net inflows for 7 consecutive trading days, continuing its longest inflow trend since February. On April 20 alone, $3 million flowed in, and the total net asset size has exceeded $1.08 billion. This demonstrates that institutional investors' interest is continuously expanding.

However, the key conditions for maintaining the upward trend are also clear. XRP must defend the $1.3 support level. If this level collapses, there is a high possibility of returning to a sideways consolidation phase. The market has now entered a stage of preparing for its next direction, assessing whether it will break through major resistance levels. Investors are observed to be responding cautiously, monitoring technical indicators and changes in institutional supply and demand.

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