Will it Trigger a Price Breakout to $2?

XRP (XRP) has recovered from its April lows of $1.26, rising as much as 19% to a three-week high of $1.50 on Sunday.

Whale activity, network growth and a strengthening technical setup suggested that the XRP/USD pair was primed for a move higher once resistance at $1.50 is broken. 

Key takeaways:

• XRP whale addresses hit record highs of 332,230, indicating accumulation.
• XRP Ledger monthly transactions hit an all-time high of 71 million in April.
• Price must break above the $1.50 resistance to continue its upside toward $2.

XRP whales show growing conviction

XRP whales remain confident about the prospects of a breakout, using the recent consolidation range to accumulate more tokens. 

Santiment’s whale count metric indicates that the number of wallets holding at least 10,000 XRP has reached an all-time high of about 332,230.

“This extends a consistent growth trend that has been building since June, 2024,” Santiment said in an X post on Wednesday.  

Related: XRP analysts watch key support zone as $12 price target emerges

The market intelligence firm explained that the amount of mid to large stakeholders continuing to grow is an important long-term signal showing that “larger holders have kept accumulating even during periods of volatility and uncertainty,” adding:

“Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning.”

XRP Ledger whale wallets. Source: Santiment

This aligns with growing XRP Ledger (XRPL) activity, whose monthly transactions jumped to a new all-time high of 71 million in April from 43 million a year ago, representing a 65% year-over-year growth, according to data from Evernorth.

The XRP treasury firm said that the growth was driven by institutional utility tied to Bitstamp, RLUSD, Braza Bank, and DeFi protocols as XRPL continues to expand its compliance-focused infrastructure.

XRPL transaction activity. Source: Evernorth

Meanwhile, analyst CW8900 said XRP whale long positions remain dominant relative to retail positions, suggesting that they are “maintaining a bullish view” of the market

XRP whales vs. retail delta. Source: CW8900

XRP needs to flip $1.50 into support

XRP is seeking to break out from an ascending triangle, which has capped its price action since early February,  as shown below.

An ascending triangle is a bullish continuation pattern formed when the price consolidates between a horizontal resistance line (flat top) and a rising support trendline (higher lows). A breakout above resistance with increased volume often precedes a strong upward move.

XRP appears to be on a similar trajectory, but bulls need to flip $1.50, where the 100-day exponential moving average (EMA) and the triangle’s resistance line converge, to confirm the breakout. Note that the price has been rejected from this supply area four times since mid-February.

Another stiff barrier lies within the $1.67 and $1.70 supply zone, where the 200-day EMA sits. Higher than that, the next logical move would be toward the measured target of the triangle at $1.98, roughly 36% above the current price.

XRP/USD daily chart. Source: Cointelegraph/TradingView

“$XRP has been defending its daily 20 EMA since it was reclaimed in early May ($1.42), which has since been guiding the price higher,” analyst ChartNerd said in a Thursday post on X, adding:

“$1.50/55 remains an imminent resistance to break.”

Zooming out, fellow analyst Neel said XRP/USD “needs a clear break above $1.60 for any meaningful short-term rally,” but rising above $2.00 would “generate fresh momentum.”

XRP/USD weekly chart. Source: X/Neel

As Cointelegraph reported, the $1.50-$1.60 is a critical level for the bulls to overcome in the short term, as a break above could signal a potential trend change, propelling XRP price toward $2.40.