Recent whale transactions and technical indicators seem to indicate that XRP is gearing up for a potential bullish surge.

XRP is trading at $2.13, down 2.53 percent in a day and 6.75 percent in a week. Major holders are moving big and tight technical patterns hint that a major price shift is imminent.

Recent whale transactions and technical indicators seem to indicate that XRP is gearing up for a potential bullish surge.

How High Can XRP Go?

XRP is currently trading at $2.13, down 2.53 percent in a day and 2.53 percent in a week. Major holders are becoming more active, with Coinbase receiving a transfer of 29.5 million XRP, which is equivalent to more than $64 million. The accumulation of this matches increased network activity. XRP Daily Active addresses on XRP Ledger have increased, as another major transaction shows 150 million XRP, or about $380 million, transferred between unknown wallets.

Technical Signals Point to Breakout Potential

Traders are seeing XRP’s price action form patterns that are associated with explosive moves. The narrowness of the Bollinger Bands is extreme, and the upper band at $2.3082 is immediate resistance. A close above this level would propel XRP towards $2.50 or even $2.80.

These bands tend to tighten before sharp price swings and are leaning bullish, given the current signals. With a value of 52.44, the Relative Strength Index (RSI) is now in a state of neutrality with regard to the potential for momentum.

XRP is in the process of becoming one of the most consolidated coins, as one trader pointed out that the coin is getting close to a critical point in a symmetrical triangle. “A decisive break above $2.31 could trigger a 20-30% rally,” they remarked, pointing to the token’s historical tendency for rapid gains following such patterns.

There is some promise in XRP’s performance against Bitcoin. Bollinger Bands are narrowing on the XRP/BTC pair, which means that we could see an approx 30% breakout. Such conditions could be good for XRP to outperform other major cryptocurrencies.

As a result of the fact that a huge volume breach might propel XRP into the price discovery zone, which is a location that has not been witnessed in years, traders are keeping a careful eye on the $2.31 resistance level. Some reference points for the token’s historical rallies, including for example the 2017 surge from $0.006 to nearly $4. Furthermore, they believe the same parabolic move is possible, especially with broader market momentum.

The continuation of the Bitcoin rally could be the reason for altcoins like XRP to gain.

Network Value to Transaction (NVT) ratio has spiked to 1139.75, which is promising for the token.

News data source: kdj.com

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