This month, a significant phenomenon is shaking the crypto market: the XRP whales are back.

The massive accumulation of tokens by these major investors, in a context of strong rises in bitcoin and Ethereum, reveals much more than a simple market movement.

May saw a surprising phenomenon unfold in the XRP market: an accumulation of over 880 million tokens by whales, as highlighted by on-chain data from Santiment.

This observation was made by crypto analyst Ali Martinez, who noted the scale of the move on May 8, deeming it a “bullish signal” in a post on the social network X (formerly Twitter).

According to him, this accumulation is a major indication that big investors are anticipating a significant rise of XRP, especially as the crypto market as a whole is recovering.

This trend comes after several months of stagnation for XRP, but also in a favorable overall context.

Here are the important facts related to this accumulation:

* This massive build-up of tokens began in April and continued throughout May, finally slowing down around June 8, marking the ninth month of an ongoing bull market.

* During this period, the price of XRP remained relatively stable, moving in a tight range between $1.90 and $2.30, despite a slight downward adjustment from $2.50 to $2.35.

* Despite the impression of inactivity, technical indicators suggest otherwise. Indeed, the 200-day and 200-exponential moving averages provide strong support for XRP in the long term.

* Moreover, the cryptocurrency has managed to stay above the crucial support level of $2, which could be decisive for the continuation of the bullish trend.

* Furthermore, analysts identify major chart resistances in the zone between $2.50 and $2.80, which, if crossed, could trigger a breakout towards higher levels, potentially aiming for $3 or even the former all-time highs.

* Finally, this period has seen a significant increase in trading volumes on crypto exchanges, reflecting heightened activity by major market players.

Why such a movement at this precise moment? It is essential to note that the accumulation of tokens by whales can signal increasing confidence in the future trajectory of XRP. Indeed, these major players seem to anticipate a rally in the coming weeks, driven by a market regaining momentum.

While XRP currently trades around $2.35, analysts mention price targets between $2.50 and $2.80, thresholds considered crucial to trigger a true bullish breakout. This accumulation is also accompanied by strong activity on trading platforms, with increased traded volumes, confirming strategic positioning by major market players.

Towards a Bullish Breakout ?

Behind this accumulation lies a clearly defined goal: to break current resistances and start a rally towards new highs. Indeed, while XRP hovered around $2.35, analysts highlight major resistances between $2.50 and $2.80.

If the price manages to surpass this zone, XRP could well witness an acceleration move to higher levels, potentially above $3, or even towards its former all-time highs.

This scenario is supported by the notable increase in trading volumes, as well as the maintenance of solid technical supports, such as the 200-day and 200-exponential moving averages. These indicators bolster the thesis of a market in transition, where the big players seek to capitalize on what seems to be a favorable momentum.

However, although optimism is tangible, macroeconomic uncertainties should not be neglected. International trade tensions, such as those between the United States and China, as well as persistent global instability, could curb investor enthusiasm.

Also, the enthusiasm for XRP could face more complex technical resistances, especially if downward adjustments disrupt the bullish trend. Until then, it remains to be seen whether XRP can maintain its support level above $2, and if the buying power of the whales will compensate for external risks.

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