$550 Million XRP Accumulation Shows Effect, Price Rallies 12%

XRP is witnessing a notable breakout today, marking a 12% rise after nearly a week of stagnant price movement. The surge comes as investors capitalize on last week’s discounted prices, igniting renewed bullish momentum across the market. This accumulation phase appears to have strengthened XRP’s short-term price structure. XRP Investors Pull The Altcoin Up Over the past seven days, XRP’s balance on exchanges has declined significantly, signaling a shift toward accumulation. On-chain data shows that investors have withdrawn approximately 216 million XRP, worth more than $556 million, from trading platforms. This large-scale move suggests strong confidence in future price growth, limiting immediate selling pressure. The impact of this accumulation is now visible in XRP’s upward trajectory. If this trend continues, the cryptocurrency could extend its rally further as reduced exchange supply meets increasing demand. Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. XRP Exchange Balance. Source: Glassnode The broader technical outlook supports this recovery narrative. The Relative Strength Index (RSI) is currently rising and has crossed above the neutral 50.0 mark, signaling strengthening bullish momentum. This suggests that buyers are regaining control, a critical development for sustaining XRP’s price above key support levels. As bullish momentum builds, investor optimism is expected to increase. The current RSI positioning indicates that XRP could maintain upward pressure without entering overbought territory too soon. XRP RSI. Source: TradingView XRP Price Is Making Progress XRP’s price has jumped 12% in the last 24 hours, trading at $2.55 at the time of writing. The altcoin is working to establish $2.52 as a solid support level after rebounding from its recent consolidation phase. If bullish sentiment persists, XRP could attempt another breakout toward the $2.64 resistance, a level it has failed to breach twice in the past month. A successful move above $2.64 could push the price toward $2.75, reinforcing the recovery trend. XRP Price Analysis. Source: TradingView However, failure to surpass $2.64 could weaken momentum, leading XRP to dip below $2.52 and retest the $2.36 support zone. Such a decline would invalidate the bullish thesis, signaling another period of consolidation. The post $550 Million XRP Accumulation Shows Effect, Price Rallies 12% appeared first on BeInCrypto.