Market veteran Michaël van de Poppe believes XRP is now on the verge of attacking its all-time highs after his initial entry point resulted in a 50% uptick.
XRP has posted a steady 10% gain over the past week, rising from around $2.09 on May 6 to above $2.4 by May 12, 2025.
Amid this uptrend, some analysts tracking higher timeframe trends suggest XRP has exited its previous consolidation range, entering a fresh bullish phase.
Chart Structure Points to Continued Strength
Recent chart insights from analyst Michaël van de Poppe emphasize the relevance of higher timeframe zones. Notably, he identified a key accumulation block between $1.5764 and $1.8185.
This level was identified after XRP’s rally from under $0.50 in November 2024 to just below $3.50 in early 2025. After that rally, XRP corrected into a structure characterized by lower highs and higher lows, indicating a coiled momentum within a triangular formation.
Interestingly, van de Poppe marked the $1.75 level as a prime entry point, and since then, XRP has gained approximately 50%. Price action has since moved decisively above this range, confirming its strength as a base.
Importantly, XRP now trades 41.67% below its previous all-time high of $3.40, positioning the asset close to potential breakout territory. Analyst van de Poppe stated that, based on current momentum, he assumes XRP will soon challenge this previous all-time high.
Meanwhile, another analyst, Egrag Crypto, has identified $1.83 as a level XRP should not close below, while a pseudonymous analyst, XForceGlobal, maintains a bullish outlook as long as the price remains above the $1.60 low from April 7.
Whale Accumulation Underscores Confidence
Alongside technical developments, on-chain data indicates increasing confidence from high-value investors. From early April through May 8, whale wallets holding between 10 million and 100 million XRP accumulated over 880 million XRP. Their combined holdings grew from around 6.9 billion XRP to roughly 7.7 billion XRP during this period.
This inflow occurred while XRP consolidated, suggesting accumulation took place during relative price stability.
Whales Already Betting on XRP
It is also crucial to mention that a large-scale investor recently shifted focus to XRP by opening a long, $12 million leveraged position, according to Lookonchain data.
After securing more than $10 million in unrealized gains from Ethereum’s early May rally, the whale’s XRP trade, placed shortly before May 12, had already generated over $260,000 in paper profits.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
