XRP whale activity is signaling possible sustainable bullish momentum for the asset, which has broken out after prolonged price consolidation.
Over the weekend, whales spent over $50 million on XRP, which hints at possible confidence in the token’s prospects, according to data shared by on-chain analyst Ali Martinez in an X post on November 25.
Specifically, the total balance of holders, between 1 million and 10 million XRP, increased to 4.29 billion tokens over just two days.
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Whales are often seen as key drivers of price movements, and the purchases could help XRP establish its price above the $1 support zone.
XRP targeting $2
At the same time, technical indicators as noted by trading expert Mikybull Crypto point to a possible continuation of XRP’s rally.
In an X post on November 25, the expert stated that XRP, having surged past the $1 resistance, is showing potential to claim the $2 level.
This move is backed by strong volume and rising Relative Strength Index (RSI) levels, suggesting more buyer interest.
However, XRP’s momentum not only depends on the token itself but also on Bitcoin’s (BTC) performance in the coming days. As reported by Finbold, XRP could push toward $2, provided Bitcoin retains its bullish momentum and does not drop below $94,000.
Therefore, if the maiden digital asset blasts past the highly anticipated $100,000 resistance zone, XRP may claim the long-term resistance at $2.
Overall, XRP has broken out alongside the broader market’s positive reception of Donald Trump’s election. Additionally, the token’s prospects were boosted by the announcement of Gary Gensler’s exit from the Securities and Exchange Commission (SEC) helm.
XRP price analysis
By press time, XRP was trading at $1.42, surging over 6% in the last 24 hours. On the weekly chart, the token has rallied by a staggering 25%. This momentum is backed by the $1.30 support level, with $1.50 remaining a pivotal resistance to watch.
In summary, XRP continues to be dominated by bullish sentiment, with the price trading above the 50-day ($0.67) and 200-day ($0.58) simple moving averages. However, with an RSI of 80.95, the asset is in overbought territory, signaling a potential risk of a pullback. Combined with an extreme greed index of 82, caution is advised.
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