In the latest XRP news; over 300000 addresses now hold at least 10000 XRP signalling whales are accumulating

In the latest XRP news; over 300000 addresses now hold at least 10000 XRP signalling whales are accumulating

The latest data from Glassnode, via X, shows that over 300,000 addresses now hold at least 10,000 XRP. This marks a sharp rise in XRP adoption.

However, the data also shows that the XRP price has stalled in recent weeks, and it may still not be out of the woods yet.

The latest data from Glassnode, via X, shows that the number of addresses holding a minimum of 10,000 XRP has grown.

This signals confidence in the underlying asset. While the XRP burn rate is minimal, whale actions remain the next major metric used to judge the health of the ecosystem.

As reported earlier by CoinGape, recently, more than 200 million XRP were acquired by Ripple whales, fueling the likelihood of a price breakout.

However, the broader market uncertainty has continued to dampen the top altcoin from a breakout.

At press time, the price of XRP was trading at $2.13, down by 0.6% in the past 24 hours.

This price drawdown has seen the coin shed over 6% in the past week, despite maintaining a 7% uptick over the trailing 30-day period.

Amid the uncertainty ahead of the FOMC Meeting and its impact on risk-on assets like Bitcoin and XRP, one market analyst, CasiTrades, has issued a conservative outlook for the latter coin.

According to CasiTrades on X, the XRP price is building momentum for a potential breakout. While identifying support around $2.078 and $2 for the coin, she noted that this level has served as a pivot before now. In her opinion, the XRP Relative Strength Index (RSI) shows exhaustion on lower timeframes.

It is key to note that price may first flush to $1.9 before making a sharp recovery. This serves as a good price level to pile up long bids.

Should these supports hold, the digital currency may break above $2.25, $2.68, and beyond if XRP whale sustains their buyups.

Fundamental Catalysts Holding Up

While the digital currency’s technical trends are adding up, its overall ecosystem trend is also fueling optimism. Ripple Labs has continued to advance its business with a $5 billion bid on Circle, the USDC stablecoin issuer.

Although the bid was reportedly rejected, the company is still primed to advance its business reach with its recent acquisition of Hidden Road, a prime brokerage firm.

XRP ETF futures products are trading at a premium as the general whale adoption trend has spread to the derivatives market. Overall, the expectations of a long-term price breakout remain to watch over the coin.