XRP (XRP-USD) bulls hit resistance at $2.95 this week, but on-chain data suggests large investors are quietly positioning for a much bigger breakout. Whales have been buying heavily into the dip, reinforcing confidence that XRP could push beyond $3 and eventually target $4.20 in the weeks ahead.
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The price action comes as XRP gears up for what could be its strongest quarterly close on record. Analysts argue that if momentum builds into Q4, the token may not just revisit $4 but could even open the door to higher levels like $10–$15, echoing past explosive rallies.
Whales Accumulate Millions of Tokens
Onchain tracking shows that large investors are steadily adding to their holdings despite near-term price swings. According to Santiment data, wallets holding between 10 million and 100 million XRP have accumulated over 120 million tokens in just three days, worth roughly $340 million.
These whales now control about 8% of XRP’s total circulating supply, a level that signals strong conviction among long-term holders. Historically, such accumulation phases have preceded major rallies, as they reduce liquid supply on exchanges and create the conditions for aggressive upward moves once demand returns.
XRP’s Technical Barriers Are Still in Play
While whale activity is bullish, XRP still faces important hurdles. The $2.95 level has proven stubborn, aligning with the 50-day simple moving average (SMA). This area has repeatedly rejected attempts at a sustained breakout, sparking profit-taking among short-term traders.
Support, however, remains close by. The lower trendline of the symmetrical triangle sits around $2.80, with deeper support between $2.69 and $2.55 at the 200-day SMA. As long as XRP holds these levels, analysts expect bulls to stay in control of the broader trend.
Breakout Could Be ‘Fast and Aggressive’
If XRP clears the $2.95 to $3.05 zone, analysts say the move could be decisive. A close above this resistance would confirm a breakout from the symmetrical triangle pattern, projecting a target of $4.20, nearly 47% higher than current prices.
“Once $XRP breaks out of consolidation, the next leg up will be fast and aggressive,” said market analyst Gordon. Traders are already eyeing Q4 as a potential catalyst. They point to XRP’s strong setup for a record quarterly close and the bullish sentiment building across the broader crypto market.
At the time of writing, XRP is sitting at $2.84.
