Large XRP holders added 200 million tokens over two weeks despite a price retreat from recent highs above $1.60. Analysts identify a critical technical pattern and cite pending legislation as a key potential catalyst for the cryptocurrency’s next major price movement.
XRP has retreated under $1.50 after briefly passing $1.60, with an analyst saying the token is at a critical juncture. According to EGRAG CRYPTO, the CLARITY Act is the primary catalyst standing between XRP’s current price and a potential run past a key resistance band.
The analyst pointed out that XRP is forming an ascending triangle just below the $1.65-$1.70 range. They estimated there is a 65% chance the price breaks above this zone, but a 35% chance of a rejection if the CLARITY Act is postponed.
The token rose about 6.5% over the past week, with its breakout coinciding with a buildup in derivatives positioning. Data shows open interest rose by $16 million on March 13 and another $18 million on March 16, just before the price jumped above $1.50.
Whale activity followed suit, with chartist Ali Martinez reporting that large addresses added 200 million XRP over two weeks. Their holdings increased from 10.88 billion to 11.08 billion tokens during that period.
Despite this accumulation, XRP was rejected at $1.60 and was trading near $1.45. Another market watcher, Tara, stated they were closely monitoring that level as a key Fibonacci support.
The analyst’s analysis clarified that breaking above the $1.65-$1.70 zone would be meaningful but insufficient alone to reach higher targets like $2.60. Additional conditions would be required, including institutional flows or weekly XRP closes above $1.85-$2.00.
Negotiations for the CLARITY Act may be concluding as early as next week, according to investor Paul Barron. U.S. President Donald Trump has publicly blamed banks for holding the bill back to protect their deposit base.
