Key Insights

  • XRP Price rallied past the $1.60 level for the first time since February 4th, rising by 21% in just one week.
  • Large wallets have acquired over $2 billion worth of XRP, with 1,917 wallets holding over $100,000.
  • New wallet creation spiked to 3,647 addresses, signaling broader participation in the rally. 
  • Bitwise filed an updated XRP ETF registration with the SEC on September 18th, widening access.

XRP climbed past $1.60 for the first time since February 4th before retracing, extending a rally that began near $1.25. The token trades at $1.58, up 3.16% over the past day and 21.02% higher across the past week. 

Source: Coingecko

Trading volume reached $6.1 billion in 24 hours. Analysts point to a completed right shoulder on the daily chart, part of a broader inverse head-and-shoulders pattern that traders are watching closely.

Chart Pattern Signals Further Upside

Market analyst Ali Charts noted that XRP rallied 27.6% from $1.25 to $1.58, completing what he described as the right shoulder of a major inverse head-and-shoulders pattern. 

On his X post, Ali Charts opines that all is about $1.60, where a break above the neckline will be enough to confirm the pattern and set off another rally towards $2.

Besides, it appears that whale wallets have accumulated about $2 billion worth of XRP during recent sessions. In fact, accumulation in whale wallets usually marks the start of price movements because it takes supply out of the market. 

Traders tracking order books have flagged the $1.60 mark as the level separating consolidation from a fresh breakout leg.

The pattern itself is a well-known reversal formation in technical analysis. A confirmed break above the neckline typically signals that sellers have lost control. 

For XRP, that would mean a shift from range-bound trading toward a renewed uptrend, provided volume supports the move.

Whale Transactions and Network Growth Add Support

On-chain data from Santiment Intelligence adds further context to the breakout. The firm reported 1,917 whale transactions above $100,000 during the rally, marking the strongest high-value activity in roughly a month. 

Santiment cautioned that whale transactions alone do not confirm accumulation, but they do show major holders repositioning while price rises.

Network participation also expanded during the move. There was a peak in the creation of new wallets reaching 3,647 addresses, providing new participants to the rally from outside of current XRP traders.

XRP ledger ecosystem metrics improved at the same time. Balances of tokenized assets and RLUSD on XRPL amounted to roughly $4.26 billion, while according to Ripple there was about $2.4 billion of RLUSD circulating.

The institutional infrastructure kept expanding as well, as Bitwise registered its new version of XRP ETF with the SEC on the 18th of September.

In sum, the combination of technical breakout, accumulation by whales, creation of new wallets, and growing institutional infrastructure provides the background for traders who will be monitoring the movement of XRP above the multi-month high of $1.60.

My work sits at the intersection of crypto journalism, market research, and Web3 content. I cover Bitcoin and the wider cryptocurrency market, with particular interest in ETFs, blockchain technology, DeFi, regulation, adoption, and emerging projects. Whether I’m working on a news story, market analysis, opinion piece, or thought-leadership article, I focus on making complex developments easy to follow while keeping the content well researched, relevant, and engaging for readers.