XRP Breaks Ichimoku Cloud With Whale Support

XRP has recently achieved a significant technical milestone, as it surged above the Ichimoku Cloud on the daily chart, signaling a renewed bullish outlook for Ripple’s native token. This development has caught the attention of both retail traders and institutional investors alike, sparking discussions about the potential for it to revisit or exceed its all-time high.

According to seasoned trader Josh Olszewicz, XRP has officially broken out of its prolonged descending triangle pattern. This pattern had previously put constraints on its upward movement, but the recent breakout marks a shift in market dynamics. The breakout also propelled XRP back above the daily Ichimoku Cloud, a widely used indicator for assessing asset trends and momentum. This move offers a technically optimistic perspective for the token’s near-term and possibly long-term growth.

The robust upward action pushed XRP’s value to $2.40 earlier today, reaching its highest point in almost two months. While the spike in trading volume that accompanied this swing adds credibility to the bullish sentiment, analysts note that volume remains moderate. This suggests a cautious approach among traders who are still gauging market stability and commitment to the trend reversal.

From a technical standpoint, XRP is showing further encouraging signs with the formation of a bullish Kumo twist on the Ichimoku chart. Here, the short-term Senkou Span A line has overtaken the long-term Senkou Span B line. This crossover is considered a forward-looking indicator of potential bullish momentum in the near future, provided XRP maintains its position above the upper resistance of the triangle, currently around $2.30.

Market watchers believe holding these levels is essential if XRP is to sustain its upward trajectory. Consolidating above this resistance zone would reinforce the idea that the token is establishing a solid base for further upside movement. Should the momentum persist and gain strength, XRP could be on a genuine path to retesting previous highs.

Investor sentiment is also playing a key role in XRP’s current performance. Data from analytics firm Santiment reveals a notable increase in the collective holdings of large investors, commonly referred to as ‘whales.’ These are wallets holding a minimum of one million XRP, and their count recently climbed to an all-time high of 2,742. This rise in whale accumulation suggests long-term confidence in the asset’s fundamentals and future prospects.

This growing confidence among institutional-level holders reinforces the case for a sustainable rally. Market participants often track whale activity closely, as it frequently precedes major market movements. As these influential figures continue accumulating XRP, it fuels speculation that a breakout to new historical highs may be on the table.

XRP’s previous all-time high of $3.40, achieved more than seven years ago, has remained untouched ever since. Although it came close earlier this year with strong performances across various exchanges, it fell just short of that milestone. Nonetheless, the convergence of technical strength, increased trading volume, and growing whale activity paints a promising picture for what lies ahead for XRP.

Related: XRP Price: $12M Max Pain for Bears

While no outcome in the crypto markets is guaranteed, XRP is showing signs of resilience and renewed interest that could position it for a significant leap forward. Traders and analysts alike will be watching closely to see whether current momentum holds, potentially leading to a historic push that redefines XRP’s valuation in the broader crypto landscape.