$USDP $BTC $BNB In recent weeks, XRP has increasingly consolidated around the $0.5 mark as investors await a possible breakout. 

Notably, amid the dormancy in XRP’s price, new on-chain data indicates that whale investors have been accumulating the token, possibly in anticipation of a rally. Particularly, addresses with at least 100 million coins have been buying more XRP tokens during the dip in the first ten days of June.

Adding weight to this observation is the Mean Dollar Invested Age (MDIA) metric, which provides further insight into investor behavior. As of June 1, the 90-day MDIA for XRP stood at 1,812, indicating investors prefer to hold onto their XRP holdings rather than engage in active trading.

XRP’s next price movement 

When looking at the next XRP price target, crypto analyst Dark Defender has suggested that the token might be lining up for a possible rally. In an X post on June 12, the analyst noted that the cryptocurrency had formed a familiar pattern from 2017.

The analyst observed that on the weekly time frame, XRP had positioned itself above a critical support level, echoing past instances where the token demonstrated resilience amid market turbulence. 

Moreover, indicators suggest the possibility of a forthcoming reversal, with sentiment teetering on the brink of oversold territory. According to the analyst, crossing above $0.6640 and breaching the $1 resistance mark are pinpointed as pivotal moments that could pave the way for a sustained uptrend.

“The other side of the orange line, the resistance stands around $1. It will be easy above $0.6640 and $1,” the expert said. 

At the same time, the expert provided a chart indicating that the price is testing the support line of the ascending channel, an area that has historically provided a good entry point for bullish positions