Whale investors are showing confidence in XRP despite the token facing increased bearish pressure in the short term, alongside the general cryptocurrency market.
Specifically, whales accumulated a massive 150 million XRP within 48 hours when the asset struggled to hold above the $2.50 support, according to data shared by prominent on-chain cryptocurrency analyst Ali Martinez in an X post on February 19.
Indeed, this accumulation might mark a key turning point for XRP, given that such a move has historically pointed to an anticipated price rebound when large investors buy in bulk. The accumulation could offer some stability for XRP and absorb recent selling pressure, potentially inviting retail investors.
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XRP price levels to watch
In the short term, XRP is facing resistance around $2.75, a level where previous attempts to break higher have been met with selling pressure. On the downside, the $2.40 to $2.50 range has acted as strong support.
If XRP sustains its upward momentum and clears resistance, it could trigger a bullish breakout toward $3. However, a deeper correction toward $2.20 may follow if it loses support.
In the long term, cryptocurrency analyst Dark Defender highlighted the next price targets to watch for XRP in an X post on February 19. In his outlook, the expert noted that XRP appears to be following the Elliott Wave structure.
After completing Wave 2, the cryptocurrency is now positioning itself for an explosive move into Wave 3, traditionally the strongest phase of the cycle.
According to the analyst’s chart, key support levels are $2.4467 and $1.9996. Meanwhile, resistance looms at $2.6052 and $3.3999, with a potential surge targeting $5.8563 and beyond $8 if momentum sustains.
Adding to the bullish outlook, XRP is rebounding off the Ichimoku Cloud, a technical indicator that suggests a strong upward continuation. The setup appears reminiscent of past XRP breakouts, especially the November breakout that saw the token rally out of a prolonged consolidation below $1.
Meanwhile, XRP could face further upside momentum as investors focus on the Securities and Exchange Commission (SEC). The SEC has begun reviewing applications from 21Shares and Bitwise to list spot XRP exchange-traded funds (ETFs), acknowledging 21Shares’ filing on February 14 and Bitwise’s on February 18. This initiates a formal process, including a 21-day public comment period.
To this end, Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of approval. Firms like Canary Capital and WisdomTree have also filed for XRP ETFs, highlighting growing institutional interest.
XRP price analysis
As of press time, XRP was trading at $2.60, down almost 0.4% in the last 24 hours. On the weekly chart, the asset is up nearly 9%.
Although XRP has made gains on the weekly chart, the short-term outlook remains bearish, considering the asset still trades below the 50-day simple moving average (SMA) of $2.67. However, its position well above the 200-day SMA of $1.407 suggests a strong long-term uptrend.
The 14-day relative strength index (RSI) at 45.44 indicates that XRP is nearing oversold levels.
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