XRP has been on the right footing for the past few weeks since the eighth-largest cryptocurrency has witnessed a notable leg up.
For instance, according to CoinGecko data, XRP has increased 36.9% in the past two weeks to hit $0.60.
Santiment acknowledged that heightened shark and whale holdings were instrumental in enabling XRP to scale heights, with the altcoin hitting a 15-week high.
The leading on-chain metrics provider pointed out, “XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100K+ XRP coins.”
Therefore, the heightened accumulation spree among whales and sharks paints a bullish XRP picture since the coins are being held for future purposes other than speculation.
Is XRP Gearing Up for a Major Breakout?
According to Crypto Michael, as XRP continues to make airwaves in the crypto sphere, the altcoin might be getting ready for a historic breakout.
The market analyst acknowledged, “In all my years of trading crypto I have NEVER seen a 7 year long bull pennant. We might be about to witness one of the most significant breakouts in crypto history.”
Based on this trend, XRP might surge to the psychological price of $2 if this breakout sees the light of day.
Technical analysis also shows that XRP intends to leave a major symmetrical triangle, further cementing the crypto’s bullish journey.
As XRP continues to attract a crazy bullish crowd sentiment, the monthly RSI is also eyeing exiting a notable 6.5-year downtrend.
