XRP Price Ready to Moon as Whales Relentlessly Accumulate, Signal Bullish Q4 Breakout

Ahead of the highly anticipated crypto bullish breakout in the fourth quarter, Ripple Labs-backed XRP has signaled an early exit from macro consolidation.

Ripple Labs-backed XRP has signaled an early exit from macro consolidation ahead of the anticipated crypto bullish breakout in Q4.

The large-cap altcoin, used by Ripple to streamline cross-border payments, has garnered attention from speculative investors, particularly institutional traders looking to diversify into crypto.

Moreover, the XRP market has matured significantly over its ten years of existence, boasting deep liquidity from various centralized and decentralized exchanges.

XRP Price Poised for Liftoff

The large-cap altcoin, with a fully diluted valuation of about $64 billion and a daily average traded volume of around $3 billion, closed last week above the 200 Moving Average (MA) for the first time since April, signaling a potential bullish breakout.

From a technical perspective, XRP price has already broken out of a macro falling logarithmic trend after consolidating in a macro triangular pattern for over six years.

7 years in the making… #XRP pic.twitter.com/SkdJnMUu8I

Having closed last week above 64 cents, XRP price is well positioned to rally to the next major psychological target around $1. However, a retrace below the support/resistance level of around $0.sq will push the XRP price further down. Thus the XRP/BTC pair could potentially retest its multi-year low of about 0.0000071.

Whales Accrue XRP Relentlessly

#Ripple whales have bought over 470 million $XRP in the past 10 days! pic.twitter.com/8I3ZWF0cgO

On-chain data analysis from Santiment reveals that crypto whales have been accumulating XRP relentlessly. According to the analysis, over 470 million XRP, valued at about $300 million, have been acquired by whales in the past ten days. For instance, over $56 million worth of XRP has been withdrawn from the Upbit crypto exchange in the past 24 hours.

The sharp uptick in XRP whale accumulation could further spell bullish sentiment in the fourth quarter, which is largely expected to be bullish.

Factors Fueling Bullish Sentiment

????? 50,000 #RLUSD minted at RLUSD Treasury.https://t.co/wMdT4Da5G4

Furthermore, XRP is now free from SEC shackles, and Ripple has been ramping up XRPL development to meet Web3 demand.

Additionally, the crypto market is setting up for a Gold bullish breakout ahead of the upcoming U.S. 2024 general election as the economic outlook shifts.

Following its announcement to enter the stablecoins market, Ripple has accelerated its RLUSD minting on XRPL, increasing the overall on-chain activity.

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