Market analysts are highlighting signs that XRP could be nearing a significant price breakout, driven by increasing institutional investment and substantial whale accumulation.
Interest from institutional players shows notable momentum, with $10.6 million flowing into XRP exchange-traded products recorded in the week ending June 27. Cumulative inflows for the first half of 2024 reached $219 million.
Simultaneously, whale accumulation activity has intensified significantly since November 2023, surging by 65%. Wallets holding between 1 million and 10 million XRP now collectively control 9.9% of the token’s total supply.
Technical analysis identifies a critical resistance zone for XRP between $2.20 and $2.30. Key indicators including the 100-day, 50-day, and 200-day Simple Moving Averages are converging within this price band.
Successfully breaching the $2.20-$2.30 resistance threshold could provide the momentum needed to propel XRP toward the $3 mark. Conversely, failure to hold above this level might trigger a pullback toward support levels at $2.15 and $2.00.
External factors, including geopolitical developments and shifts in global monetary policy, remain crucial variables influencing investor sentiment and the likelihood of a sustained breakout for XRP.