XRP has shown remarkable resilience recently, holding its position above a critical support level, although there is still significant price movement. Key data from Santiment reveals that whales are actively accumulating XRP, buying over $228 million in the past few days.

This aggressive accumulation suggests growing confidence among enormous holders as the market heads toward higher prices. Analysts and investors are closely watching XRP, anticipating a breakout from key supply levels that could trigger a rally to novel highs.

As bullish sentiment grows, the coming days will be crucial in determining XRP’s price direction and role in the ongoing market cycle. Will this whale activity lead to a major move higher, or could XRP remain in its current range? Only time will tell, but expectations are high as momentum in the broader cryptocurrency market continues to grow.

XRP investors await gigantic move

The cryptocurrency market has seen a significant rally, with Bitcoin and many altcoins posting double-digit percentage gains in recent days. The Federal Reserve’s decision to cut interest rates by 50 basis points sparked this rally, fueling optimism among investors who are now eyeing the potential start of a novel cryptocurrency bull run. While investor sentiment towards XRP has turned positive, the market has yet to reflect this in the token’s valuation.

Top analysts and market participants share insights that suggest XRP could be poised for a mighty performance this cycle. One prominent technical and on-chain analyst, Ali, highlighted Cconvincing data from Santimentwhich shows that XRP whales are making significant moves.

Over the past 10 days, these enormous holders have purchased over 380 million XRP, valued at around $228 million. This marks the highest level of whale accumulation since early August, which is a bullish signal for XRP. The accumulation of XRP by whales — often considered “smart money” — is a sign of strength and confidence in the token’s future price action.

As the broader market continues to push higher, investors are sanguine that this accumulation could be an early indicator of a major XRP rally in the coming days. With momentum building, many are positioning themselves for the next gigantic move.

Price levels to look out for

XRP is currently trading at $0.59 after several days of volatile price action, testing supply levels around that range. While XRP has been holding above its 200-day moving average (MA) at $0.549 — a sign of long-term strength — it has struggled to close above $0.60 since overdue August.

For the bulls to trigger a move to novel local highs, the price needs to reclaim the $0.60 level and stay above it, which would set the stage for a challenge to the key liquidity zone around $0.65.

The $0.65 price level has been a significant resistance level, unbroken since early March. It is also considered a psychological barrier that, if broken, could quickly propel the price higher. Traders and analysts are closely watching this level as a breakout would likely bring renewed bullish momentum.

However, if the price fails to close above the current price level in the coming days, a pullback towards the daily 200 MA near $0.55 is expected. This would mark a critical test of support, and any break below this level could signal further downside risk for the token.

Featured image is from Dall-E, chart is from TradingView