This week, XRP (XRP-USD) demonstrated notable resilience, rebounding by 6.8% from lows of around $2.70 earlier in the week. The cryptocurrency market had been unsettled due to over-leveraged liquidations, but XRP’s recovery has stabilized sentiment, prompting traders to eye a potential breakout toward previous highs.
Technical analysis reveals the formation of a symmetrical triangle pattern on XRP’s daily chart, which is often indicative of consolidation before a significant price move. Analysts suggest that if bulls manage to push the price above $3, it could unlock a pathway to $4.08—a potential 42% increase from current levels.
In a more granular analysis, prominent analyst CasiTrades identified a critical formation on XRP’s four-hour chart, highlighting a “double bottom” around the $2.70 mark. This level is pivotal for maintaining a bullish outlook. She noted, “A double bottom like this still fits within a valid Wave 2 count, as long as the price holds above $2.70.” CasiTrades has set bullish targets of $4.00 and $4.40, relying on Fibonacci extensions, while also indicating that slipping below $2.70 could expose XRP to support levels at $2.58.
Additionally, on-chain metrics have contributed to the optimistic sentiment surrounding XRP. According to Santiment’s Supply Distribution data, wallets containing between 1 million to 10 million XRP accumulated an additional 30 million tokens within a day, increasing their total holdings to 6.77 billion XRP—approximately 11% of the circulating supply. This significant accumulation suggests that large investors, or “whales,” have been actively purchasing during the sell-off rather than offloading their assets, effectively establishing a price floor and potentially enticing retail traders to join the rally.
Supporting this narrative, data from Glassnode points out a positive change in net holder positions for XRP since August 22, following an earlier wave of profit-taking in the summer. Much of the new buying activity has concentrated around the $2.70 to $3.00 range, indicating that many investors perceive these levels as robust long-term support zones.
Looking ahead, analysts maintain a positive outlook, with some forecasting that XRP could reach as high as $5 by October if certain patterns unfold favorably. Resistance levels around $3.40 and $3.66 are viewed as critical hurdles that need to be surpassed for a broader price surge to materialize.
CasiTrades summed up the optimistic sentiment, highlighting the convergence of whale accumulation, encouraging technical indicators, and resilient price action as potential precursors to a major trend shift in the market.
At the time of this report, XRP is trading at approximately $2.8845, with keen attention from both traders and investors as they watch for a decisive breakout.
