Testing Key $2.20 EMA for Next Move

• XRP is battling to reclaim its 50-day EMA at $2.198, with a breakout target up to $2.80.
• A $126M whale transaction could signal growing institutional interest and brewing volatility.
• Technical indicators like Bollinger Bands and MACD hint at an imminent strong move.

XRP has started showing signs of momentum shift after a relatively stagnant trading session. Trading at $2.19, XRP posted a moderate 6% gain over the past week while claiming a daily high of $2.22 in the past 24 hours. 

According to CoinMarketCap data, XRP is now trying hard to break above its 50-day Exponential Moving Average (EMA), which sits right around $2.198. This is a key technical spot that could signal XRP’s next big price direction. Nearby, the 20-day EMA around $2.13 is acting as immediate support for the price.

Why Did $126 Million in XRP Move Off Bitstamp?

Adding to the interest, a huge amount of XRP was recently moved off the Bitstamp exchange. Reports, citing crypto tracking service Whale Alert via X reported that 57,304,617 XRP, valued at approximately $126.79 million, was transferred from Bitstamp to an unknown wallet. 

Moves this big always make traders wonder: is this accumulation by a major player, preparation for OTC deals, or simply an internal reshuffle? Regardless, such whale movements tend to precede notable price volatility.

XRP Chart Pattern Hints at Potential Breakout

From a technical standpoint, XRP is currently trading within a well-defined descending channel pattern, a setup typically considered bullish if the price breaks to the upside. 

Analyst Alek pointed out that XRP has been consolidating between the crucial $1.95 to $2.08 support zone, making this area pivotal for the coming days.

Based on this channel pattern, the upper resistance line appears to be near the $2.50–$2.60 range. So, if XRP can firmly break above the top of the channel, the first target would likely be around $2.50. A strong push could even see it head towards $2.80.

What Technical Indicators Suggest About XRP’s Next Move

Other indicators also point to a potentially significant move soon. The Bollinger Bands on the XRP chart are getting tighter (squeezing). This often happens right before a sharp price breakout, either up or down.

Currently, XRP is pushing against the middle BB band (the 20-SMA), and if it can decisively close above the upper BB band at around $2.29, it could ignite a bullish surge.

On the other hand, if XRP faces rejection here, the lower BB band around $1.87 could act as a strong support base. RSI (Relative Strength Index) is currently neutral but leaning bullish, hovering just under the 60 mark, implying there’s room for further upside before becoming overbought.