XRP Eyes New All-Time High as Whale Sell Pressure Eases by 93%

XRP is displaying strong signs of a potential breakout, with a dramatic 93% reduction in whale selling pressure creating a fertile ground for a price increase. Trading at $3.28, the cryptocurrency is showing renewed strength and positioning itself for a large move.

XRP is showing renewed strength, trading around $3.28 and positioning itself for a potential significant price breakout amid dramatically reduced whale selling pressure and intriguing market dynamics.

Chart by TradingView

The cryptocurrency has experienced a notable shift in large holder behavior. Whale-to-exchange flows have plummeted 93.2%, dropping from 43,575 XRP on July 11 to just 2,965 XRP on July 28. This sharp decline signals a substantial reduction in selling intensity from major holders, creating a more stable foundation for potential price appreciation.

XRP Technical Analysis

A compelling technical indicator is the divergence on the Chaikin Money Flow (CMF) indicator. While XRP's price has been forming lower highs, the CMF has printed higher highs, suggesting a steady increase in capital flowing into the asset. This pattern often hints at an early accumulation phase that could precede more significant price movements.

The cryptocurrency is approaching a critical breakout zone at $3.37, which aligns with a key extension level in the current rally structure.

A successful breach of this level could open pathways to more ambitious price targets. If XRP can flip this level to support, subsequent resistance points emerge at $3.62 (near the all-time high) and $3.83, potentially setting the stage for a run toward $4.00.

A breakthrough beyond $3.62 would position XRP for establishing a new all-time high. However, traders should remain cautious. A price breakdown below $2.95 would invalidate the current bullish structure, potentially exposing the cryptocurrency to further downside and delaying higher price aspirations.

The current market context is favorable, with XRP gaining nearly 3% and showing resilience amid broader cryptocurrency market momentum. The easing of whale selling pressure, combined with subtle accumulation signals, suggests a potential shift in market sentiment.

Looking Ahead: Investors and traders are watching closely to see whether XRP can maintain its current momentum and break through key resistance levels. The interplay between reduced whale selling and increased distributed accumulation creates an intriguing setup for potential further appreciation.