XRP Price Eyes Breakout as Whale Accumulation Grows and Bollinger Bands Signal Surge

XRP has traded between $2.15 and $2.35 over the past week, showing signs of a potential breakout despite recent stagnation. Currently priced at $2.19, the token has slipped slightly below the key $2.20 support level, marking a 1.05% dip in the last 24 hours. Trading volume also declined by 18.61%, totaling $1.79 billion, according to CoinMarketCap.

Despite the drop, technical indicators suggest a bullish outlook for XRP. Bollinger Bands show the token nearing the middle band, indicating building pressure. A push toward the upper band at $2.30 could signal a breakout, potentially opening the path toward the $3 mark. Market sentiment remains optimistic, especially with large-scale XRP holders increasing their positions.

On-chain data reveals that XRP whales accumulated over 900 million tokens between April 2 and May 2, suggesting rising confidence in the asset's trajectory. This aggressive accumulation hints at expectations of a significant upward move, reinforcing bullish sentiment across the XRP ecosystem.

Adding to the speculation, Whale Alert reported unusual activity from Ripple’s escrow accounts. The company unlocked 1 billion XRP tokens outside of its typical monthly schedule, sparking debate about future market liquidity. This deviation from the norm has led analysts to closely monitor potential impacts on supply dynamics and price momentum.

As XRP flirts with a possible breakout, market watchers are eyeing both technical cues and whale behavior. With Bollinger Bands tightening and large holders making strategic moves, XRP could soon break through resistance and enter a new price phase, assuming buying pressure continues to mount. Traders should watch closely for signs of a confirmed move above $2.30, which could trigger a stronger rally.