Key Points:
The number of XRP whale addresses has reached a historic high of 317,500, indicating accumulation.
XRP must first break through the resistance level of $2.59 to have a chance to return to $3.
XRP rebounded from a low of $2.18 on Friday, rising as much as 13% during Monday's session to reach $2.48.
Strong technical patterns and whale activity suggest that XRP against the US dollar (XRP/USD) is expected to achieve a trend reversal in the coming days, targeting $3.
XRP whales remain optimistic about the market outlook, accelerating token accumulation by taking advantage of recent pullbacks.
According to Santiment's data on whale numbers, the number of wallets holding at least 10,000 XRP has reached a historic high of approximately 317,500.
Santiment stated on Saturday on X (formerly Twitter), "XRP price has gently rebounded by 5.3%."
The market intelligence agency indicated that the continuous growth in the number of mid-to-large holders is a "long-term bullish signal," adding:
According to Glassnode data, this trend corresponds with a sharp reduction in XRP supply on centralized exchanges over the past 30 days.
The chart below shows that the proportion of XRP held by exchanges has decreased from 6.12% to 3.9% between September 19 and Sunday.
The decline in exchange balances means a reduction in supply available for immediate sale, further enhancing XRP's upward momentum.
According to crypto investor Black Swan Capitalist, who posted on X (formerly Twitter) on Sunday, "Most of the XRP on exchanges has been withdrawn," adding:
According to Cointelegraph, Ripple is planning to establish a $1 billion digital asset treasury company.
Since mid-September, XRP's price has shown a potential V-shaped reversal pattern on the daily chart, as seen in the chart below.
The V-shaped reversal, as a bullish pattern, typically occurs after a significant drop in asset prices followed by a rapid rebound. The pattern is completed when the price rises to the neckline at the top of the V.
XRP is in a similar trend, but bulls need to break through $2.59 (where the 200-day simple moving average is located) to confirm the reversal.
Another strong resistance level is in the supply zone between $2.81 and $2.95, constrained by the 50-day and 100-day moving averages.
If this range can be broken, the next reasonable target will be the $3.40 neckline to complete the V-shaped reversal, representing a 26% increase from the current price.
XRP analyst Egrag Crypto pointed out key focus areas, stating, "A 3-day candlestick closing above the $2.55 to $2.65 range will be a strong bullish signal!"
Meanwhile, the Bollinger Bands have narrowed to their lowest level since June, suggesting that the market may experience significant price volatility.
The last time the Bollinger Bands were this tight, XRP's price rebounded from $2.20 to a multi-year high of $3.66, an increase of 66%.
According to Cointelegraph, the 20-day EMA is at $2.63, a key level that bulls need to overcome. If this level is broken, XRP's price is expected to target $3.40.
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Original: “XRP Price Targets $3 as Whale Wallet Count Hits New All-Time Highs”
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