Analyst Predicts XRP Price Rally as Whale Activity Rebounds
Highlights
- XRP whale accumulation rebounding sharply again, per CryptoQuant on-chain data.
- Daily XRP Ledger transactions have also stayed above 2 million.
- XRP price can rally towards $1.46 following a breakout above $1.40.
XRP price is trading near $1.39 today after a sharp dip from $1.60, settling into a $1.35-$1.45 range. On-chain data and technical analysis from popular analysts signal a potential breakout and upcoming rally.
XRP Whale Accumulation Bounces Back
CryptoQuant Whale Flow 30DMA showed XRP whale accumulation is rebounding sharply again in September, after fading in late August. Latest on-chain data indicates selling pressure from whales is easing.
Positive whale flows (green) dominated from early to mid-August, coinciding with the price breakout above $1.20 and $1.40 later. Inflows faded from around August 26 and the metric flipped to largely negative whale flows (red), with an average daily outflow of 3 million XRP. Exchange inflows also accelerated during this period.
The latest pattern is consistent with earlier XRP whale accumulations when Whale Flow 30DMA hit a 10-month high. Daily XRP Ledger transactions have also stayed above 2 million through early September, with active accounts and payments also remaining elevated.
Meanwhile, Spot XRP ETFs are witnessing strong inflows, indicating massive interest from institutional investors. The massive inflows contributed to cumulative ETF inflows reaching $1.68 billion, as per SoSoValue data. Also, the total assets under management (AUM) exceeded the $1.48 billion mark amid the recent rebound in whale accumulation.
Analyst Predicts XRP Price Rally
Crypto analyst Ali Martinez shared an hourly chart of XRP, pointing out a descending triangle formation. He predicts XRP price rally towards $1.46 following a confirmed breakout above $1.40. He recommends that traders wait for an hourly close above $1.40 before entering.
For a long-term outlook, he predicts the $3.66 resistance level is the key barrier. A monthly close above it would confirm the breakout and activate a technical target near $60. Other analysts also remain bullish XRP price.
XRP price is trading at $1.40, rising more than 1% in the past 24 hours. The 24-hour low and high were $1.38 and $1.41, respectively. Trading volume has increased slightly despite volatility amid September Fed rate hike jitters.
Derivatives markets showed buying sentiment, with futures volume surging to a 6-month high. The total XRP futures open interest jumped 0.81% to $3.13 billion in the last 4 hours. Notably, the 4-hour futures open interest on CME climbed almost 1%, 0.80% on Binance, and 1.15% on Hyperliquid.
To capture these volatility swings, active derivatives traders should compare the best crypto futures trading platforms to leverage advanced order books.
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