900M XRP Scooped By Whales In 30 Days, Time For Price Breakout?

The price of XRP has moved resiliently over the past month. The coin tested the $1.60 support level after plummeting to a low of $1.6877 before posting a rebound.It has since flipped that $2 mark and is gaining the attention of whales.XRP Accumulated Amid Strengthening Support LevelsAli Martinez, a renowned on-chain analyst, has highlighted how XRP whales have accumulated 900 million XRP over the last 30 days. At the current market price, this was worth over $1.8 billion.Image Source: Ali Charts on XThis massive accumulation can potentially impact price and liquidity in the ecosystem.Ali’s accompanying chart detailed the activities of the XRP whales over the period.A recent spike in the chart aligns with the asset’s market dynamics, suggesting a deliberate effort to build up their position.This development could reduce XRP’s circulating supply and potentially drive up the price if market demand remains steady.Interestingly, the whales’ influence on the market could spur other market participants to hold on to their assets. If this lingers, demand could outstrip supply, triggering a breakout.Overall, the action of XRP whales is bullish for the token, signaling a potential upward price movement.Market participants must monitor developments and see if the whales’ accumulation could trigger a short-term rally.Technical Indicators Tease Potential for Bullish BreakoutMeanwhile, other technical indicators of XRP hint at a likely price breakout. Notably, XRP’s Bollinger Bands squeeze suggests a bullish move is looming.In January 2025, XRP’s 12-hour squeeze indicated periods of low volatility followed by a price uptick.This supported the bullish rise in XRP’s value, which saw the coin trade above $3 for the first time in a long while.Image Source: TradingViewThe current squeeze of the Bollinger Bands mirrors a similar trajectory with a breakout likely to occur once XRP price hits $2.30.The 900 million XRP purchased by whales could catalyze the movement as the accumulation reflects confidence in the coin’s future.Traders would need to monitor the current setup to see if $2.12 proves a sustainable support for the altcoin amid the broader market fluctuation.If XRP finds a stable support amid the neutral Relative Strength Index (RSI) reading of 52, it could push for the $2.40 to $3.15 range when a breakout occurs.XRP Price Outlook for MaySome analysts have given their forecast for XRP’s likely price outlook in May. The predictions are bullish.The coin will likely continue its uptrend this month and, if the trading volume stays consistently green, could target between $3 and $3.50.However, should XRP whales decide to offload part of their holdings during a price gain, the quest for profit could introduce significant risks.It might lead to XRP losing its upward momentum and slipping back below the $2 support zone.As of this writing, the price of XRP was $2.22, a 0.89% decline in the last 24 hours.The ecosystem must rally support if XRP is to reclaim the $3 price target. News of the regulatory body’s potential approval of an XRP exchange-traded fund (ETF) could fuel an upward surge.Although several applications have been filed, the Securities and Exchange Commission (SEC) has not yet decided on any of them.The consensus is that this product will be a gateway for institutional investors once approved, setting the XRP price up for more gains.The post 900M XRP Scooped By Whales In 30 Days, Time For Price Breakout? appeared first on The Coin Republic.