XRP Price Repeats 500% Rally Pattern as Whales Buy 110M Token – Is Another Surge Likely?

XRP is bleeding alongside other altcoins as traders rotate their capital to Bitcoin (BTC), which is only 1.2% shy of its ATH at press time. However, XRP price action shows signs of decoupling from other altcoins, perhaps due to whale accumulation and a repeat of the 2024 price fractal that led to a 500% rally in a few weeks. Will the payments token rally again?

At press time, XRP trades at $2.38 with a slight 0.06% intraday gain. Volatility remains low with Ripple fluctuating between $2.32 and $2.39 in 24 hours.

XRP Price Consolidations as Whales Scoop 110M Tokens

On-chain data shows that whales are currently in an accumulation phase as XRP price stalls within the $2.30 range. In the last five days, the addresses holding between 10 million and 100 million XRP tokens have increased their holdings from 7.56 billion to 7.67 billion. The data shows that these addresses have steadily purchased 110M XRP in less than a week, which is a sign of bull positioning as they anticipate a boost in xrp’s value.

Looking at the historical patterns, whales tend to start accumulating shortly before the price makes a strong rebound. Their current behaviour suggests that the price is about to make a bullish breakout from consolidation and possibly rally higher.

XRP Repeats 2024 Bull Pattern, Another Breakout Rally Ahead?

The weekly chart shows that XRP price is on the verge of repeating a 2024 bull pattern that may precede notable gains. In late 2024, XRP entered one of its most iconic bull runs as it surged by more than 500% within months after breaking out of a descending triangle pattern.

Presently, XRP is attempting to repeat the same breakout as it tests the downward sloping resistance line. If a breakout occurs, XRP price will likely surge past $3 soon and form fresh all-time highs.

The RSI is registering gains, albeit smaller ones. This indicator is currently at 55, which shows that the price is in a bullish momentum, making it likely that the altcoin will reach higher levels.

However, for the price to break out of this triangle pattern and extend its gains above $3, the upward trend needs to be strong. Currently, the trend is weak considering the downward sloping ADX line, and this may push XRP to consolidate within the triangle before more buyers step in.

Ripple’s Open Interest Sheds $930M

The derivatives market data from Coinglass shows mixed sentiment towards the XRP price. Derivatives volumes were down by 24 at press time, while Ripple’s open interest has dropped by more than $930 million in the last five days amid liquidations and an unwillingness by new futures traders to open new positions.

Despite this negative outlook, Binance data shows a long/short ratio of 2.97, an indication that long positions are more than short positions, which indicates a bullish bias. At the same time, long traders continue to get rekt with nearly $3M in long liquidations in 24 hours, which is causing additional sell-side pressure.

For a strong bull run that mimics the 2024 price rally, XRP needs to show bullish conviction among traders through a high open interest. If open interest starts to rise again, it will support a bullish breakout past $3.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.