- XRP is forming a bullish wedge and flipping key resistance levels into support.
- Whale wallets holding 100K–1M XRP dumped over $300M in 10 days, reaching the lowest holdings in nearly three years.
- Markets assign a 96.2% probability of a Fed rate cut on Oct 29, setting the stage for potential gains to assets like XRP.
XRP has been steady under $3.20 for over 300 days, showing strong signs of a breakout. Despite a $300 million whale selloff, the coin gained nearly 10% last week, trading at $3.07 with high volume.
XRP Builds Strength Below ATH as Wedge Nears Apex
According to analysis by cryptoWZRD_, XRP has been forming a bullish falling wedge pattern on the weekly timeframe. The digital asset has traded just under its all-time high for more than 300 days, showing resilience amid broader market swings.
XRP has already flipped resistance zones into support, particularly around the $2.50–$2.70 range and the wedge is nearing its apex, showing potential for an imminent breakout. A lower zone near $1.70 has also held firm as support, reinforcing bullish structure.
This could push XRP past its previous all-time high near $3.20 from January 2018. If it holds above $3.65, the price could quickly climb to $4.50, with chances of reaching $5 or even $10 in a strong rally.
Whale Exodus Sends Cautionary Signal
On-chain data from Santiment shows a cautious trend. Large wallets holding between 100,000 and 1,000,000 XRP have sold more than $300 million worth of tokens in just 10 days. This marks the lowest holding level in 34 months for this cohort.
Source Steph Is Crypto
The sell-off began around late October 2024 and coincided with a sharp uptick in XRP’s price. Analysts interpret this as classic distribution behavior — mid-tier whales cashing out into rising demand, possibly anticipating a top or reallocating capital.
While XRP price has continued to climb and consolidate near local highs, the steep drop in wallet activity among these holders suggests potential sell pressure or a shift in ownership structure.
Markets are nearly certain the Fed will cut rates at its October 29 meeting, with a 96.2% chance, according to CME data. Lower rates usually help riskier assets like crypto. If the cut happens, XRP and altcoins could rally, but if not, volatility may hit coins on the edge of a breakout.
