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XRP showed muted price action last week despite a wave of liquidity entering the broader digital asset market.
Notably, over the past week, the cryptocurrency increased by nearly 8% as several major cryptocurrencies faced notable selling pressure.
Meanwhile, according to popular analyst Ali Charts, whales have purchased approximately 200 million XRP tokens over the past two weeks.
The buying spree has fueled speculation that institutional or high-net-worth investors may be positioning themselves ahead of a potential market expansion.
Additionally, analyst Chart Nerd highlighted a critical technical setup forming on XRP’s price chart.
According to the analyst, the asset recently broke above a closely watched resistance level associated with an “Adam and Eve” pattern, a chart formation that traders often interpret as a potential signal for a trend reversal or continuation.
He noted that XRP managed to push above the $1.50 neckline of the formation, a resistance zone that analysts have been closely monitoring since February.
However, sustaining momentum above that level remains essential. If the cryptocurrency fails to maintain support above the breakout point, the price could retreat toward an ascending trendline to establish a higher low before attempting another upward move.
The analyst also pointed to a broader “Q4 Triangle Crossroads” scenario that could test investor conviction in the short term. In that outlook, XRP might temporarily decline toward the $0.80 or $0.70 region before a larger breakout takes shape.
Despite that potential volatility, Chart Nerd suggested the long-term trajectory could still lead to significantly higher price levels if the broader bullish structure remains intact.
Furthermore, according to popular analytics platform Santiment, the number of non-empty XRP wallets recently surpassed 7.7 million for the first time since the network launched more than 13 years ago.
Elsewhere, in addition to the surge in wallet addresses, network activity has also accelerated in recent days. On Monday, the ledger recorded a five-week high of 46,767 active addresses, coinciding with a sharp price rally that saw XRP jump approximately 14% within a 48-hour window and briefly climb above the $1.60 mark.
At press time, XRP was trading at $1.39, reflecting a 1.56% decline in the past 24 hours.
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Source: https://zycrypto.com/whales-snap-up-200-million-xrp-in-2-weeks-signaling-renewed-market-confidence/
