XRP has continued its strong upward momentum, trading around $1.44 with a 4% gain over the last 24 hours and outperforming the broader crypto market for a seventh consecutive session.
Major holders drive rally with record accumulation
According to the on-chain analytics company Santiment, large-scale investors, known as whales, accumulated roughly 1.54 billion XRP tokens valued at approximately $2.2 billion over a four-day period. This recent accumulation pushed the total holdings of these whale addresses to nearly 9.81 billion XRP.
Ali Martinez, a well-known market analyst on the X platform, emphasized this significant buying activity. He reported that after whales moved to accumulate over $2 billion in XRP, the token advanced 8.22% in only three days. He also pointed out that on-chain data indicates limited selling pressure until $1.60, where about 2.5 billion XRP last exchanged hands, marking a potential area for further distribution.
After whales bought more than $2 billion in XRP, its price rallied over 8% in three days. Martinez notes that on-chain data suggests minimal selling may occur before $1.60, the next key area to monitor.
Meanwhile, CryptoQuant reported approximately 1.6 billion XRP were transferred to Binance in the past month, the largest transfer volume seen since March.
| Period | XRP Accumulated by Whales | XRP Sent to Binance |
|---|---|---|
| Past 4 days | 1.54 billion | – |
| Past 30 days | – | 1.6 billion |
Upcoming XRP Ledger upgrade gains momentum
The XRP Ledger, the decentralized blockchain supporting XRP, is preparing for the Batch V1.1 protocol upgrade. Support for this enhancement has exceeded the threshold required for activation, with 30 of 35 validators backing the amendment, surpassing the 80% approval needed for deployment.
With the activation countdown started on September 15, the upgrade could go live around September 29 if support is maintained. RippleX, the developer arm of Ripple, stated that institutional fund managers and enterprise projects plan to utilize the new batch functionality, though specific names have not been released.
In the US, spot XRP exchange-traded funds have seen continued investor interest, amassing about $1.7 billion in total net capital inflows and reaching assets under management of $1.39 billion as of September 17.
Mini dictionary: XRP Ledger (XRPL) is an open-source decentralized blockchain developed to support fast payments and token transfers. It is maintained by a network of independent validators and features a unique consensus mechanism distinct from proof-of-work or proof-of-stake blockchains.
Key resistance and support levels ahead
XRP is trading above all four major daily exponential moving averages, with the 20-day EMA at $1.368 and the 200-day EMA at $1.356. The 50-day and 100-day EMAs are near $1.303 and $1.268, serving as key support if the price drops below $1.35.
Data from Binance’s liquidation heatmap shows a build-up of leveraged positions near $1.45 and $1.47, with additional clusters around $1.38 and in the $1.36 to $1.37 range. Should XRP close daily above $1.45, resistance is expected near $1.50, with a breakout potentially leading to the $1.54 to $1.55 area.
Veteran technical analyst Peter Brandt, who has a long history in commodities and crypto trading, identified a price pattern indicating XRP could eventually reach $5.40 if momentum continues. He cautioned, however, that such chart scenarios do not guarantee trade outcomes.
Peter Brandt’s long-term analysis shows a potential advance for XRP toward $5.40 based on technical patterns, though he underscores that presenting such a chart does not represent a trading signal or guarantee.
