XRP is currently trading above the $3 threshold, demonstrating notable price strength attributed in part to significant accumulation by large holders, commonly referred to as ‘whales’. Recent data indicates entities holding between 10 to 100 million XRP have increased their aggregate holdings to 8.31 billion tokens, representing approximately 14% of the circulating supply. This accumulation trend contributes to reducing immediate selling pressure and supports long-term price stability.
The XRP Ledger (XRPL) underscores growing network demand, evidenced by the creation of tens of thousands of new participant addresses recently. This heightened demand is further reflected in XRP achieving a 30% gain against Bitcoin over the past month.
Technical analysis highlights crucial price levels supporting the bullish momentum. Key support levels are identified at $2.95, aligning with the monthly Volume-Weighted Average Price (VWAP), and $2.80. Market observers note that maintaining these levels is essential for sustaining upward price movement.
Experts employing Elliott Wave theory suggest the current price action could represent Wave 3, with a potential target near $3.82. While immediate resistance is noted around $3.3, holding the psychologically important $3 level is deemed critical for the next leg up. Should current support zones hold, analysts see potential for XRP to test the $4 level in the near term.