In the last seven days of trading, XRP has stagnated between the $2.15 and $2.35 price range. Despite this stagnation, XRP’s price was flashing signs of a breakout amid other positive sentiments in the XRP ecosystem.
XRP technicals suggest breakout
As per CoinMarketCap data, the asset has fluctuated within this range, momentarily finding support at $2.20.
However, in the last 24 hours, XRP has slipped below this support, with the coin now exchanging at $2.19, a 1.05% decline. The trading volume has also slumped by 18.61% to $1.79 billion.
Nevertheless, XRP appears poised for a rally if it can break out of this price range. Already, XRP whales have gone into accumulation mode as they anticipate the big break that could see XRP flip $3.
Notably, these whales purchased over 900 million XRP between April 2 and May 2 in the last 30 days. The acquisition by XRP’s large holders signals the growing confidence in the coin’s future outlook, as whales anticipate big breaks ahead of time.
Meanwhile, as reported by U.Today, XRP Bollinger Bands also indicate a bullish rally. The technical indicator reveals a looming break for the altcoin that has shown remarkable resilience this season.
Based on the analysis, the Bollinger Bands indicate that huge buying pressure could trigger a surge. The $2.19 price of XRP is slightly above the middle range, and a rise to $2.30, where the upper band lies, could see it break the resistance and attain new levels.
Ripple escrow activity sparks speculation
Whale Alert, the renowned blockchain platform that tracks online activities, has spotted movement in Ripple escrow accounts in another development.
Notably, Ripple unlocked 1 billion XRP tokens, but not on the first day of the month as it customarily does. This signals a shift and has sparked conversations in some quarters on what this means for XRP market liquidity moving forward.
