The cryptocurrency market is once again focused on Bitcoin 
$85,163 and XRP. Recent analyses indicate notable developments in both on-chain data and technical charts. While significant investors accumulate large amounts of XRP, Bitcoin shows potential for a price increase that could reach historical levels. Analyst Ali Martinez suggests that both cryptocurrencies have entered a critical phase in their search for direction.
XRP Whales in Action: Price Tests Critical Support and Rises
After experiencing a sharp decline in the first week of April, the price of XRP dropped to around $1.82. However, the movement of whale wallets during this pullback drew attention. Graphs showing the collective movements of wallet addresses holding between 100,000 to 1 million XRP indicate a potential accumulation process. According to Martinez, such behavior is often interpreted as a preparation for a price increase.
The recent test of the $1.90 – $2.00 range indicates that the previously broken support area is now acting as resistance. From a technical perspective, a clear head and shoulders pattern has emerged. If this pattern breaks, there is a possibility that the XRP price could decline to around $1.30. However, if the price exceeds the $2.00 mark, this decline scenario may be off the table.
Bitcoin’s Mayer Multiple Support Is in Focus
For Bitcoin, Martinez highlighted significant levels using Mayer Multiple, an important on-chain indicator. According to this indicator, around $69,500 serves as a strong support level for BTC. If long-term investors continue to keep the price above the 200-day moving average, this area could likely act as a bottom in case of a sharp decline.
According to the analyst’s assessment, if an upward breakout occurs, the Bitcoin price could surpass $86,900 and potentially aim for a historical peak of $208,550. This target aligns with historical data showing that when the Mayer Multiple exceeds 2.4, the market is usually nearing its peak. Therefore, this area stands out as a critical zone for investors to monitor closely.
Furthermore, the oscillator values seen in the charts indicate that Bitcoin remains in an upward trend. However, this trend can only continue if the market breaks through psychological thresholds. Notably, the $76,000 – $87,000 range will serve as a decision zone for BTC in the short term.
Whales Move XRP, Attention on Bitcoin
In the past two weeks, it was recorded that XRP whales moved over 70 million coins overall. While this activity may cause short-term pressure on the price, it can be seen as a positive signal in the medium term. Historically, after such accumulation phases, prices have tended to rise.
The technical structure of Bitcoin indicates that investors are adopting a more cautious approach. The support and resistance levels highlighted by analyst Martinez are shaped by market sentiment. It appears that both XRP and BTC may experience volatility for a while before a clear direction emerges.
