TL;DR

A popular cryptocurrency analyst with over 150,000 followers on X has outlined arguably the most important support level for XRPs current bull market structure. The asset remains above it for now, while substantial whale accumulations hint at another possible price pump. $2.81 is the key support for $XRP, where 1.70 million tokens were accumulated. pic.twitter.com/oYYMcEHeFP

The support line in question is located around $2.81. Martinez said 1.70 million tokens were purchased at these levels, which are valued at well over $5 billion at todays prices.

Such sizable accumulation zones typically serve as significant support or resistance lines, as investors tend to panic if their positions change from being in the water to an unrealized loss after a long time and vice versa.

XRP tested that support at the beginning of the month. At the time, the entire cryptocurrency market was in a free-fall state due to Donald Trumps latest actions on the trade war front, as well as the movement of a couple of US nuclear submarines.

However, the bulls managed to defend it, and Ripples native token bounced confidently above it and hasnt looked back since. Just the opposite, it challenged the $3.30 resistance, which, for now, has been too strong to breach.

Nevertheless, whales seem bullish on XRPs future price movements as they keep accumulating the token. After last weeks $1 billion worth of XRP purchase, they bought another 120 million coins just a few days later.

Meanwhile, Martinez outlined $3.26 as a key resistance level for the assets future trajectory. If broken, it could jump to a new all-time high of $3.90, he added.