As the number of wallets held by large XRP owners hits a record high, market attention is growing over whether XRP can break through resistance at $1.50.

Cointelegraph reported on Thursday that XRP rebounded from an April low of $1.26 and briefly rose to $1.50 over the weekend, its highest level in 3 weeks.

Whale accumulation, higher transactions on the XRP Ledger (XRPL) and technical bullish signals are cited as drivers. Santiment data show wallets holding at least 10,000 XRP rose to about 332,230, a record high. Santiment said the move extends an uptrend that has continued since June 2024.

Ongoing accumulation by large holders is interpreted as a sign that buying interest is holding up even in a volatile phase. Santiment said big investors have kept accumulating XRP amid volatility and uncertainty. The XRP market has also interpreted the recent range-bound consolidation as a phase in which whales added to holdings.

On-chain activity also rose. Evernode data show monthly transactions on XRPL rose to 71 million in April, setting a new record. That is up 65 percent from 43 million a year earlier. Evernode, an XRP treasury management firm, said institutional demand linked to Bitstamp, RLUSD, Braza Bank and DeFi protocols drove the rise in transactions, and that XRPL is expanding compliance-focused infrastructure.

Technically, $1.50 is a key pivot point. XRP has repeatedly failed to break above the top of an ascending triangle pattern that has continued since early February. Around $1.50, the 100-day exponential moving average and the triangle resistance line overlap. The price zone is also an area where resistance has been confirmed four times since mid-February.

The 200-day exponential moving average sits in the $1.67 to $1.70 range. If the market breaks above that zone, the next target cited is $1.98, the measured move of the ascending triangle.

Other market participants are also watching near-term resistance. Analyst Chartnerd said XRP has risen after reclaiming the daily 20-day exponential moving average around $1.42 in early May, using it as support. Analyst Niel also said, "For a short-term rally in XRP, it must clearly break $1.60," and said new momentum could form if it rises above $2.

As a result, the view that XRP's near-term direction depends on whether it breaks through the $1.50 to $1.60 zone is gaining ground. With whale accumulation and rising XRPL transactions continuing, the market is watching whether this resistance band becomes the starting point for a trend reversal.

1/3 Utility is rare in digital assets. On XRP, it's measurable, and last month it set a record. 12 months of XRP transaction data: 43M → 71M (+65%) This content is for informational purposes only and does not constitute investment advice. Digital assets involve risk,… pic.twitter.com/RoFzNRgEqG