XRP Price May Hit $4.70 If Bulls Break This Level, Analyst

Key Insights:

• XRP price may rally to $4.70 if bulls break above the $3.65 resistance level.
• Whale accumulation rose 2.12% over 30 days, signaling long-term confidence in XRP.
• Ripple’s OCC bank application adds regulatory strength to XRP’s long-term prospects.

XRP price traded near $3.06 as bulls continued to defend key support levels. Analysts have marked out a breakout level at $3.65. An actual surge above this level would start a new rally to the $4.60-$4.70 zone. That set-up came after bullish settlements beyond $3.00 and growing whale accumulation.

XRP Price Needs $3.65 Breakout to Unlock $4.70 Rally

XRP price formed a bullish structure on the daily chart. CryptoWZRD noted that XRP price closed strongly bullish, with momentum supported by strength in XRPBTC. The $3.65 level is now the main resistance preventing a larger move. A daily close above it could open the door to a rally as high as $4.70.

The chart analysis indicated that the altcoin price action had stabilized above $3.00 and broken higher lows. Importantly, the latest recovery has been after a rebound off $2.80, which was a major daily support zone.

The analyst asserted that a breakout will yield a rally to $4.60 and $4.70. Besides, the altcoin price is above the 50-day moving average, indicating a strong bullish argument. Intraday levels also supported a continuation scenario with a reversing trend between $3.02 and $3.23.

Whale Wallets Add to XRP Positions Ahead of Move

On-chain data confirmed growing interest in XRP among large holders. The top 100 XRP addresses accumulated over 237.79 million tokens, up 2.12% in the last 30 days. This rise in holdings comes as XRP climbed from $2.80 to over $3.05. It suggests whales are positioning for upside continuation.

According to Nansen data, the majority of the accumulation occurred off-exchange. Exchange balances remain flat or slightly reduced.

This discrepancy between whale holding and available supply on exchanges supported a price increase. Furthermore, the distribution was also low, and there was no major dumping during this period.

Lower Time Frame Charts Show Supportive Structure

Analyst EGRAG CRYPTO posted a 4-hour chart analysis that goes further to support a bullish structure. The $3.00 area has been resilient, as multiple candles have closed above this area. Candle wick analysis also demonstrates diminishing downside pressure.

A majority of wicks are upside and entire candle bodies are above $3.00.

Key short-term levels included $3.185 and $3.25. A close above $3.185 would confirm near-term strength. EGRAG identified $3.33 and $3.45 as breakout levels. Breaking above these would be a sign of a possible all-time high attempt.

However, minor pullbacks can test $2.96 to $2.93, but it is critical for XRP price to above $2.80 to maintain the upside.

The consolidation level of $2.96-$3.185 is getting narrow. Since the volatility has been tightening, it is possible that the price is set up to make a bullish directional move. If XRP holds above $3.00 and closes above $3.185, the rally toward $3.65 may follow swiftly.

Ripple’s Bank Charter Bid Adds Long-Term Utility Boost

Meanwhile, Ripple has submitted its Interagency Charter Application for Ripple National Trust Bank to the U.S. Office of the Comptroller of the Currency (OCC). Volume 1 of the filing is now publicly accessible.

Ripple will be able to custody digital assets, manage tokenization services, and offer institutional-grade infrastructure supported by a bank charter. This assures XRP holders that the ecosystem is growing with regulatory understanding.

While the XRP price impact is longer term, the filing shows Ripple’s intent to integrate digital assets with traditional finance.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.