TLDR:
- XRP whales accumulated 470M tokens worth about $724M across five days, according to Ali Charts data.
- XRP trades near $1.55 as a daily inverse head-and-shoulders pattern approaches the key $1.60 neckline now.
- EGRAG Crypto watches RSI 53 as a momentum gateway, with RSI 47 becoming the major level below it now.
- A sustained XRP move above $1.60 could activate a $2 pattern target, based on the measured setup shown.
XRP whales accumulated more than 470 million XRP worth about $724 million in five days, according to Ali Charts.
The accumulation coincides with an inverse head-and-shoulders pattern forming on XRP’s daily chart. XRP traded at $1.55, up 5.93% over 24 hours and 16.42% over seven days, according to CoinGecko data at press time.
XRP Price Tests a Key Technical Resistance
Ali Charts reported whale holdings rose from 12.37 billion to 12.80 billion XRP. That increase occurred between September 21 and 24.
The chart also shows an inverse head-and-shoulders structure developing after XRP rallied 27.6%. The token climbed from $1.25 to $1.58 before approaching the $1.60 neckline.
In this pattern, the neckline acts as a confirmation level for a potential bullish breakout. A decisive move above $1.60 would confirm the setup described by the chart analysis.
The measured move from that pattern points toward $2, based on the distance between its low and neckline. However, the target remains a technical scenario rather than a guaranteed price outcome.
XRP’s latest price data adds context to the setup. CoinGecko data shows XRP at $1.55, with $4.39 billion in 24-hour trading volume.
The current price leaves XRP close to the $1.60 level highlighted by Ali Charts. Traders may therefore watch whether buying pressure can push the token through that resistance.
XRP RSI Could Confirm or Reject Momentum
EGRAG Crypto is also monitoring XRP’s relative strength index, or RSI. The indicator can help track the speed and magnitude of recent price movements.
According to EGRAG Crypto, the 53 RSI region has repeatedly acted as a critical momentum gateway. The analyst wants RSI to cross its moving average above 53 before a potential continuation.
The proposed sequence includes a move above 53, a retest, and then a hold of 53 as support. EGRAG Crypto said momentum could then expand toward the 80 RSI region.
The alternative scenario centers on a failed move above 53. If momentum cannot reclaim that level, EGRAG identifies 47 as the major RSI level to watch.
A move toward 47 would represent another momentum reset before XRP establishes its next direction. This creates two technical checkpoints around the same broader price structure.
Together, the whale accumulation and chart signals provide separate indicators for traders. Whale balances describe holdings, while RSI and price patterns describe market momentum.
For XRP, the immediate technical focus remains the $1.60 neckline. Holding momentum above that level would strengthen the pattern confirmation, while rejection would leave the setup unconfirmed.
The post XRP Whales Accumulate 470M Tokens as $1.60 Breakout Nears appeared first on Blockonomi.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.