- XRP whales bought 900M tokens in April while BTC led the news cycle across headlines and social feeds
- XRP price rebounded to $2.20 after dipping to $1.60, showing renewed whale-backed momentum
- XRP funding rate flipped positive on May 1, indicating bullish sentiment in futures trading
XRP whales accumulated nearly 900 million XRP tokens throughout April, defying market uncertainty and ongoing regulatory noise surrounding the cryptocurrency sector. While much of the crypto community remained fixated on Bitcoin narratives and speculative rumors involving U.S. government Bitcoin reserves, large holders of XRP quietly made big moves.
XRP’s price briefly dipped to around $1.60 in early April but swiftly rebounded, crossing back over $2.20 by month’s end. This recovery coincided with heavy buying from whale addresses, showing confidence in XRP’s long-term prospects despite broader market volatility.
XRP Funding Rate Turns Positive, Signaling Bullish Shift
In other bullish development, according to the latest data from Coinglass, its funding rate has turned positive. The funding rate is a number used in the crypto futures market to keep the price of futures and the actual market price close.
Related: XRP ETF Odds Hit 85% as Price Holds $2.20 and Targets $3.00
Over the past few days, XRP’s funding rate has changed several times. On April 30, it was negative for a short while, meaning sellers were in control. But on May 1, it turned positive, showing buyers have taken over.
This shift is a good sign for XRP, as it shows traders are becoming more confident about its price going up.
XRP Price Analysis: Resistance Holds, Support Tested
Yesterday, XRP’s price went up and touched a key resistance area around 2.25. But it couldn’t break through and quickly dropped back. The resistance zone is between 2.25 and 2.28. Sellers were strong at this level, and the price was rejected immediately after hitting it.
Related: XRP Elliott Wave Outlook: Analyst Predicts New Highs Before Major Correction
Bitcoin’s price movement also affects XRP, and right now, Bitcoin looks like it might drop a bit in the short term. XRP and Bitcoin have a growing correlation, meaning they’re moving in the same direction more often.
If XRP drops further, the key support zone is between 2.17 and 2.14. This area is likely to hold unless Bitcoin sees a sharp fall. In a worst-case scenario, if Bitcoin drops a lot, XRP could fall to around 2.05 — but for now, that seems unlikely.
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