XRP has decisively broken out of a prolonged descending channel and successfully reclaimed the crucial $3.26 support level, signaling a potential shift to a bullish market trend. This technical development points towards potential near-term price targets of $3.50 and $3.70.
Supporting this positive momentum, trading volume in XRP futures markets witnessed a remarkable surge, increasing by 208% to reach $12.4 billion. This jump indicates significantly heightened market interest and activity surrounding the digital asset.
Simultaneously, on-chain data reveals substantial accumulation of XRP tokens by large holders, commonly referred to as ‘whales’. This notable buying pressure from influential market participants suggests strong confidence in XRP’s ongoing price trajectory and bullish outlook.
The breakout above the descending pattern and the firm hold above $3.26 mark a distinct change in market dynamics, turning previous resistance into support. Traders monitoring key price levels and volume trends may identify strategic entry and exit points associated with this potential bullish phase.