Analysts see potential XRP price breakouts if key resistance levels are cleared.
Large XRP holders have increased their holdings, acquiring 150 million XRP over the last 48 hours.
This buying activity coincides with a rise in open interest, which has now reached $1.9 billion.
Analysts suggest that if key resistance levels are surpassed, XRP could experience further upward movement.
Whales Increase XRP Holdings Amid Market Pullback
Recent on-chain data indicates that large XRP holders have accumulated 150 million XRP, according to insights from market analyst Ali.
The data, sourced from Santiment, shows that wallets holding between 10 million and 100 million XRP have increased their holdings.
Source: X
This accumulation comes as XRP’s price consolidates around key support levels.
Large investors often buy during price dips, which can influence market sentiment and liquidity.
If this trend continues, it could provide a foundation for future price movements.
XRP Price: Elliott Wave Analysis Suggests Potential Breakout
Additionally, market analyst @DefendDark on X claims that XRP is utilizing the Elliott Wave structure. The crypto is in the beginning of a five-wave impulse.
The analysis has revealed that Wave 3 is set to occur in the near future.
Source: X
In Wave 1, there was a price surge which created the basis of the price movement upwards in XRP.
This was succeeded by the second wave, a corrective phase that see-sawed back to the important support levels.
The Wave 3 is generally the longest and most intense wave when considering Elliott Wave Theory on the next wave called Wave 3.
This implies that if XRP price retains the support region and climbs above two essential resistance levels then the price may surge.
After this, Wave 4 could be used as a small correction and Wave 5 to fulfill the structure to touch the higher price level.
They consider that by buying, this website can buy at $2.4467 and $1.9996 while by selling it can sell at $2.6052, $3.3999 and $5.8563.
If such support holds, it has the penchant to reach $8 and even go behold during the next bullish phase.
XRP Open Interest Surges to $1.9 Billion
Open interest has surged 3.17% within the last 24 hours and this indicates that trading is on the rise.
The perpetual type of open interest reached $1.9 billion, while the future type of contracts was $4.1 million with a 16.90% increase.
Higher change in open interest is often associated with speculation and, moreover, a higher fluctuation on the price.
Long positions on the other hand suggest a price increase, while short positions may cause a downtrend for XRP price.
XRP Price Major Levels to Look at Over the Next Few Days
As of now, XRP price is in underlying support at $2.4467 – $2.600. In case of further buying support from the whales, the price may try to retest the $2.75 -$2.80 as the resistance level.
Analysts will aim at the $3.40 level as the breakout to indicate the onset of the expected Wave 3 will occur.
In this case, XRP is likely to extend the upward move toward $5.85 – $8+.
But in case the price fails to stand above $2.44, the price is inclined to give a pullback towards $2.00 before it can continue the upward trend again.
The Polymarket also reveals that traders predict a 78% probability of an XRP Exchange-Traded Fund or ETF approval before December 31, 2025.
It has also increased by 8%, signifying that there is optimism about this probability.
XRP ETF prediction
