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.”
Source: Santiment
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.”
Source: Crypto Michael
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.
Source: TradingView
As XRP continues to attract a crazy bullish crowd sentiment, the monthly RSI is also eyeing exiting a notable 6.5-year downtrend.
