XRP News Today: XRP Breaks Out of Descending Channel Gains 9.77% Amid Whale Accumulation and Rising Volume

XRP has recently broken out of a descending channel that had been in place since mid-July, with the price reclaiming the $3.26 support level, which is now acting as a fresh demand zone [1]. This breakout marks a potential reversal from a bearish trend to a more bullish one, supported by a clean break above the channel’s upper boundary and a successful retest of the breakout level. The 9 EMA at $3.2667 and the 50 SMA at $3.0113 are both trending upward, reinforcing the positive technical signal [1].

The price action now positions XRP with potential upside targets at $3.50 and $3.70, with the former being a key resistance level and the latter representing a prior price congestion area before the July breakdown [1]. The momentum is further supported by a 208% surge in trading volume to $12.4 billion, outpacing several other major cryptocurrencies in recent sessions. This increased volume is accompanied by a rise in open interest to $5.9 billion, with long positions dominating the market [1].

Large holders of XRP, often referred to as whales, have also been active, accumulating 50 million XRP over the past 48 hours, aligning with the price consolidating above $3.26 [1]. This accumulation is typically seen as a sign of institutional confidence in the asset's potential price movement toward $3.50 and $3.70.

However, if XRP falls below $3.26, the breakout formation could be weakened, increasing the likelihood of a retest of the $3.03 support level, which aligns with the 50 SMA [1]. A failure to hold above this level could result in a deeper retracement and potentially reestablish the earlier bearish trend. At the current price of $3.30, XRP has seen a 1.26% decline over the past 24 hours but has gained 9.77% over the past week [1]. The 24-hour trading volume stands at $6.58 billion, indicating increased market activity.

Analysts are closely monitoring whether XRP can maintain its position above key support levels before moving toward the next target range. If the current trend holds, XRP could retest $3.50 and $3.70 in the near future. Traders are advised to remain cautious and monitor key resistance and support levels for signs of weakness, as the market remains sensitive to bearish signals.

Source: [1] XRP Breaks Out of Descending Channel, Eyes $3.50 and $3.70 Amid Increased Volume and Whale Accumulation

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