XRP Price Records Insignificant Loss of 0.02% During Friday's U.S. Market Session

Despite the broader market recovery, with Bitcoin heading for a $100k breakout, XRP's neutral candle signals market uncertainty.

The cryptocurrency of a global payment company, Ripple, XRP, reported a trivial loss of 0.02% during Friday’s U.S. market session.

Despite the broader market recovering, with Bitcoin aiming for a $100k breakout, XRP’s neutral candle indicates market uncertainty. Nevertheless, recent on-chain data reveals that whales are flouting price consolidation and engaging in massive accumulation for the potential surge.

According to CoinGecko, XRP’s market cap is $129.2 billion, while the 24-hour trading volume is $2.14 billion.

According to a report by market analyst Ali Martinez, April saw a significant shift in diplomatic tensions between the United States and other countries, leading to a surge in volatility within the XRP price.

As a result, the coin price touched a temporary low of $1.61, bouncing back to $2.2 — a 3% monthly gain.

While the price fluctuation and low gain might have retail investors concerned, on-chain data showcases a different story of persistent accumulation by crypto whales.

Over the past month, whales have massively engaged in buying pressure, accumulating an estimated 900 million XRP tokens. This buying spree could indicate expectations of a bullish breakout or, at the very least, strong belief in XRP’s long-term utility and value proposition in cross-border finance.

Typically, whale activity tends to influence market trends, especially during periods of consolidation or recovery. In this case, the massive accumulation could be a factor in preventing a breakdown below the $2 support.

If sellers manage to defend the $2.8-$3 resistance zone, leading to another reversal, the next price downfall could reach the 0.382 Fibonacci retracement level at $1.75.

However, if buyers can break above the flag’s trendline and clear the resistance at around $2.5, aiming for the 0.236 Fib level at $2.8, the next resistance to anticipate is at $3. This breakout is crucial for XRP to continue its bullish journey.