In the past week, large holders of XRP, known as whales, have sold off a massive 510 million tokens. This significant move has caught the attention of the crypto market, especially as XRP’s price approaches a crucial breakout point. Analysts are closely watching key resistance and support levels to predict the next big move for Ripple’s native cryptocurrency.
Whale Activity and Price Pressure
Analyst Ali Martinez has noted a sharp decline in XRP holdings among large wallets. Between September and early December, wallets holding between 1 million and 10 million XRP reduced their holdings from over 6.5 billion tokens to around 3.84 billion. This substantial sell‑off has put pressure on XRP’s price, which has seen a decline during the same period.
Triangle Pattern and Potential Breakout
On the technical front, XRP is forming a symmetrical triangle pattern on the 1‑hour chart. Since late November, the price has been oscillating between $2.34 and $1.99. As of now, XRP is trading near $2.05 and is approaching the end of this pattern. A breakout from this pattern could lead to a 16% price shift. If the price breaks to the upside, we could see levels around $2.38 – $2.40. Conversely, a downward break could bring the price down to $1.72 – $1.75.
Analyst Insights
CryptoWZRD, another analyst, sees strong support near $2.00. They suggest that if XRP can break above $2.27, we could see further upside. However, if the price drops below $1.97, the short‑term outlook could turn bearish. The daily price action remains indecisive, but the weekly structure shows slight weakness. Meanwhile, the XRP/BTC pair is forming a double bottom, which could support an upward move if confirmed.
Long‑Term Outlook
Despite the recent selling pressure, analyst EGRAG CRYPTO believes that XRP is still following its long‑term structure. They see the worst‑case scenario as a return to $1.00. However, they also identify a long‑term bull flag pattern with potential targets of $20, $35, and even $200 if the pattern breaks to the upside. EGRAG CRYPTO emphasizes that bull flags typically do not end quietly, suggesting a strong move could be on the horizon after this period of price compression.
The recent activity by XRP whales and the forming triangle pattern have created a sense of anticipation in the market. While short‑term movements could go either way, the long‑term outlook remains optimistic for Ripple’s native cryptocurrency. Investors and traders will be closely watching key levels and patterns to gauge the next big move for XRP.
