- At press time, XRP was approaching the crucial $2.60 resistance level as bullish momentum was building among traders.
- XRP’s breakout rally has been strengthened by whale activity and increasing network participation.
XRP It is making headlines again, sparking optimism as the price approaches the possibility of breaking out of its descending channel. At the time of writing, the altcoin was trading at $2.378 after rising 1.56% in the last 24 hours.
The move came after several weeks of consolidation and sparked optimism among traders about a continued upward trend. However, XRP needs to overcome a critical resistance level near $2.60 to confirm the bullish outlook.
Is XRP ready to bounce back higher?
The altcoin’s price action suggested that XRP may be testing the boundaries of its descending channel. In fact, the recent uptrend suggests that bullish sentiment is growing, but resistance at $2.60 still remains a significant hurdle. If XRP falls above this level, momentum could push the price towards a higher target.
However, failure to sustain this rally could result in lower support levels being retested, dampening trader enthusiasm.
Taker buy-sell ratio highlights buyer confidence
The taker buy-sell ratio has increased by 1% in the last 24 hours, highlighting the slight dominance of buyers in perpetual swaps. This indicator is generally a sign of greater confidence among traders betting on XRP’s upside potential.
Additionally, this increase in buy-side activity could encourage additional buying pressure, helping XRP break out of its consolidation phase. Nonetheless, continued buyer dominance is important to prevent a retracement on the chart.
An increase in active addresses and transactions indicates market participation.
Active addresses increased to 34,187, an increase of 0.83% in the last 24 hours. Additionally, the number of transactions increased by 0.87% over the same period to 1.732 million.
Together, these indicators show steady growth in network activity, which often precedes price spikes. The increase in activity also signals growing interest among investors, further supporting the cryptocurrency’s bullish narrative.
Whale activity adds optimism
Large investors are also showing interest again, with whale-currency exchange trading increasing 0.84% in 24 hours. These numbers indicate that whales are positioning themselves for potential profit. This is often a precursor to significant price movements.
As a result, their activity strengthens the case for a bullish breakout. However, continued whale participation is needed to maintain upward momentum going forward.
Read Ripple (XRP) Price Prediction 2025-2026
Is XRP ready for a bull run?
XRP is showing strong signs of a potential breakout, driven by increased buyer confidence, increased network activity, and whale positioning. If the token clears the $2.60 resistance, it could spark a significant rally.
However, XRP must maintain its current momentum to avoid a return to consolidation. Therefore, all indicators suggest that bullishness is poised and this is a critical moment for traders.