XRP price hits a 7-week high, two important signals to pay attention to

The price of XRP unexpectedly surged, setting a new high in 7 weeks as it surpassed the mark of $2.39 – the first time since May 23. According to data from Santiment, the buying power from "whales" is rising to the sky, with 2,742 wallets currently holding over 1 million XRP each.

The total amount of XRP owned by this group has reached 47.32 billion tokens – a figure that reflects long-term confidence in the price potential of this cryptocurrency. Meanwhile, technical analyst Gordon points out the breakout from the wedge pattern, which is often a precursor to a strong price rise that is about to occur.

XRP whales are accumulating strongly

The latest data shows that the accumulation trend of XRP from large wallets is accelerating again. Currently, there are 2,742 wallets holding more than 1 million XRP tokens – just one wallet short of the historical peak of 2,743 wallets recorded on Tuesday, marking a strong wave of accumulation from influential investors.

The total amount of XRP that this group of investors is holding has reached 47.32 billion tokens – a figure that clearly reflects a large-scale accumulation and a long-term holding strategy. In the context of the cryptocurrency market, which is often dominated by the behavior of "whales", this increasing accumulation could be an indicator of a significant price volatility coming soon.

The accumulation chart of XRP whales | Source: SantimentRecently, the price of XRP continues to show solid strength across multiple time frames: rising 2.3% in 24 hours, 6.7% in 7 days, and 12.7% in 2 weeks – maintaining a steady upward trend. Year-to-date, the increase has reached 456.5%, while the monthly performance has also achieved 6.2%.

According to the on-chain data platform Santiment, the activity of large wallets often serves as an early indicator of market trends. The increasing number of large investors is evidence of new capital flowing in – especially from financial institutions and individuals holding significant assets.

The confidence of whales not only reflects a belief in the potential for a long-term price increase but also confirms that real demand is surpassing previously considered peak price levels. This move further reinforces the view that XRP is entering a stage strongly supported by large and sustainable buying forces.

Breakthrough wedge pattern

According to technical analysis expert Gordon, the recent price action of XRP is sending positive signals, as this coin has just broken out above the wedge pattern – a technical structure that often precedes strong breakouts after a consolidation phase.

The wedge pattern is well-known for its ability to create significant price movements after the market "compresses" within a narrow range. For the first time since May 23, XRP has surpassed the resistance level of $2.39 – a price that has previously halted the upward momentum multiple times, indicating that buying pressure is gradually gaining the upper hand.

The establishment of the highest peak in the past 7 weeks not only marks a departure from the prolonged sideways state but also reflects a strong upward momentum being reinforced. Notably, the alignment between technical signals and accumulation data from whale wallets has created a stronger confidence in the upward prospects of XRP in the eyes of investors.

XRP/USDT daily chart | Source: Gordon/XCurrently, many technical indicators suggest that XRP will enter a phase of rise to the sky in the short term. According to Gordon, the market is approaching a time of significant volatility, and investors should prepare for considerable price movements ahead.

Breaking out above the wedge pattern is not only a mere technical signal, but also a significant milestone in the price trend of XRP. History shows that similar breakouts have yielded superior profits after prolonged accumulation periods.

Therefore, investors often closely monitor technical patterns like this to determine the timing for entering trades or taking profits. The completion of this wedge pattern may be the starting point for a new growth cycle of XRP.

Ripple strengthens institutional partnership amid increasingly clear legal landscape

Ripple has officially chosen Bank of New York Mellon – one of the oldest and most reputable banks in the United States – as the primary custodian for its stablecoin reserves. Under the agreement, BNY Mellon will be responsible for managing and safeguarding the RLUSD – a stablecoin pegged to the value of the USD – to enhance transparency and ensure compliance with legal regulations for Ripple.

This move not only marks an important step in Ripple's ecosystem expansion strategy but also demonstrates the company's determination to reach institutional investors through partnerships with traditional financial institutions.

Immediately after the information was announced, the price of XRP rose by 4%, indicating a positive reaction from the market and confidence in Ripple's long-term development direction.

BNY Mellon's involvement as a key player in Ripple's operating model is clear evidence of the increasing shift of traditional financial institutions into the digital asset space.

In addition, Ripple has also just filed a motion to withdraw its appeal in the protracted lawsuit with the U.S. Securities and Exchange Commission (SEC), and the SEC has also stated that it will do the same. This move officially concludes the years-long legal battle, which had been a major barrier to the growth of XRP.

The alleviation of legal pressure not only helps to eliminate one of the biggest concerns that has weighed down XRP's price, but also paves the way for Ripple to confidently expand its business, no longer haunted by the risks of litigation.

The combination of successfully resolving legal issues and strengthening collaboration with major organizations has created a solid foundation for Ripple's sustainable growth momentum. Leveraging this advantage, the company is currently focusing on expanding its product portfolio and accessing potential markets worldwide.

The positive changes in the legal environment are expected to become an important leverage, driving Ripple's long-term growth strategy. In this context, strong technical signals along with accumulation activities from "whales" are further reinforcing the optimistic outlook for XRP.

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