Key Highlights
- XRP surpassed the $1.60 threshold for the first time since early February, touching approximately $1.64.
- On-chain analytics platform Santiment tracked 1,917 large-scale transactions exceeding $100,000, marking the most significant whale activity in approximately 30 days.
- The XRP Ledger witnessed the creation of 3,647 new addresses during this upward price movement.
- Binance experienced a 663% spike in XRP deposits compared to its quarterly baseline, though total exchange holdings remained relatively stable.
- Market analyst Ali Martinez indicated that a sustained breach of the $1.60 level could validate an inverse head-and-shoulders formation with a projected target near $2.
XRP pushed beyond the $1.60 mark following a sustained recovery from support levels around $1.25. According to recent market data, the digital asset was changing hands near $1.64, representing nearly an 8% gain within a 24-hour timeframe.
During this period, XRP fluctuated within a range of approximately $1.50 to $1.65. This upward momentum pushed the token through a critical technical zone between $1.56 and $1.60 that had previously served as a barrier to further gains.
Binance has witnessed a notable uptick in trading activity as well. During the seven-day period concluding on September 20, average daily XRP deposits on the platform reached approximately 21.7 million tokens.
This metric represented a staggering 663% increase above Binance’s three-month average. Despite this surge, XRP holdings on the exchange hovered around 2.63 billion tokens.
Weekly exchange reserves grew by a modest 0.34%. This data indicates that while deposit activity intensified, the overall quantity of XRP stored on Binance hasn’t experienced proportional growth.
Major Holder Movements and Network Expansion Intensify
Santiment Intelligence disclosed on X that XRP’s ascent past $1.60 coincided with 1,917 individual transfers valued at a minimum of $100,000 each. This represented the most robust large-value transaction volume observed in roughly four weeks.
Santiment emphasized that these whale-sized transactions don’t necessarily indicate whether major holders are accumulating or distributing their positions. Nevertheless, they demonstrate heightened strategic positioning among substantial wallet holders during XRP’s price appreciation.
Network expansion also gained momentum throughout this rally. Santiment documented the establishment of 3,647 fresh XRP wallets, indicating new participants joined the ecosystem during this upward trajectory.
The broader asset ecosystem on the XRP Ledger has experienced growth as well. Santiment noted that combined tokenized assets and RLUSD holdings on XRPL recently achieved approximately $4.26 billion.
Ripple’s reporting indicates roughly $2.4 billion of RLUSD currently in active circulation. Additionally, Bitwise submitted an amended XRP ETF registration statement to the SEC on September 18.
XRP’s total market capitalization stood at approximately $103.6 billion, with 24-hour trading volume registering near $7.3 billion. The price was hovering close to its intraday peak.
Ali Martinez Highlights Critical $1.60 Breakout Level
Cryptocurrency analyst Ali Martinez noted on X that XRP has delivered a 27.6% advance from $1.25 to $1.58. According to his assessment, this movement seems to have formed the right shoulder of an inverse head-and-shoulders configuration on the daily chart.
Martinez also drew attention to over $2 billion worth of recent accumulation by major holders. His charting analysis identifies the critical neckline resistance at approximately $1.60.
According to Martinez, a convincing breakout above this neckline level would validate the technical pattern. His analysis projects an additional 30% appreciation potential, which would drive XRP toward the $2 price level.
Previous technical evaluations had pinpointed $1.80 as an intermediate resistance level following XRP’s clearance of $1.50. The current advance beyond $1.60 positions that zone between the present price and Martinez’s extended technical objective.
Based on the most recent available data, XRP maintained its position around $1.64, with the rally accompanied by 1,917 substantial transactions, 3,647 newly created wallets, and heightened deposit activity on Binance.
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