XRP has pulled back after rising above $1.60 for the first time in seven months, while increased whale activity, new wallet creation and trading in spot XRP exchange-traded funds have accompanied the recent rally.

The token gained about 20% over the past week after breaking through the $1.60 resistance level. It had fallen to approximately $1.00 in mid-August but has since advanced more than 60% in just over a month. The move has also coincided with 1,917 transactions involving more than $100,000 and the creation of 3,647 new XRP wallets.

XRP Targets $2 After Breaking Seven-Month Resistance

The move above $1.60 marked the first time XRP had traded beyond that level in seven months. The price level remains a significant resistance point for the Ripple-associated cryptocurrency. Such multi-month thresholds are closely watched because a sustained move through a level where price previously stalled is often read by technical traders as a sign that earlier selling pressure has been absorbed.

Veteran trader Peter Brandt has previously shared long-term XRP price targets of $5 and beyond. In a technical analysis, Ali Martinez said XRP had completed the right shoulder of a major inverse head-and-shoulders pattern on the daily chart after a 27.6% advance from $1.25 to $1.58. The analysis was published on X.

Martinez also attributed the rally in part to strong whale accumulation. According to the report, whales have accumulated more than $2 billion worth of XRP. He identified $1.60 as the key level to monitor, saying that a decisive break above the pattern’s neckline could confirm the formation and potentially lead to another 30% advance toward $2.

Crypto analyst Pharaoh expects XRP to trade in the $2.00-$2.30 range over the short term. In a post on X, Pharaoh said the pullback was unlikely to produce new lows below $1.00. Instead, the analyst expects XRP to establish a higher low and consolidate before attempting another advance.

Pharaoh said a new all-time high before the end of 2026 is not guaranteed but remains possible. A move above $2.50 in the fourth quarter, followed by sustained trading at that level, could increase the likelihood of XRP reaching a new record high, according to the analyst.

Pharaoh also identified $1.84 as the level above which the yearly XRP price candle would turn bullish. A move above $1.85 could accelerate momentum, while $2.20 represents the next key resistance level identified in the analysis.

Whale Activity and Network Growth

Blockchain analytics firm Santiment reported that the XRP rally occurred alongside elevated whale activity. The breakout coincided with 1,917 transactions worth more than $100,000, the strongest level of high-value activity in roughly a month. Santiment discussed the activity in a post on X.

Santiment cautioned that whale transactions alone do not confirm accumulation. However, the firm said the activity indicated that large holders were actively repositioning as XRP’s price rose. It also reported growth in the Ripple network, with 3,647 new XRP wallets recorded.

The broader XRP ecosystem has also expanded. XRPL’s tokenized-asset and RLUSD balances recently reached approximately $4.26 billion. Ripple reports that about $2.4 billion of RLUSD — the company’s dollar-pegged stablecoin — is currently in circulation, adding to stablecoin activity and institutional settlement activity on the network.

Spot XRP ETFs Record $91.06 Million in Daily Volume

Spot XRP ETFs have also recorded consistent inflows amid increased institutional participation in the cryptocurrency market. Spot products hold the underlying token directly, giving investors exposure through brokerage accounts without requiring them to manage the asset themselves. Asset manager Bitwise has registered its XRP ETF with the SEC. Goldman Sachs has $87 million invested in XRP ETFs, according to the report.

Data from XRP Insights showed that XRP ETF products recorded $91.06 million in daily trading volume, while total assets under management reached $1.67 billion. More than 1.12 billion XRP is locked across the products — held within the fund structures rather than traded directly on the open market — with Bitwise accounting for the highest daily volume at $62.22 million.

The figures indicate that institutional exposure to XRP continues to expand, even as the token retraces from the $1.60 level. With Martinez’s $1.60 neckline threshold and Pharaoh’s identified levels at $1.84, $1.85 and $2.20 in focus, the rally’s next moves have a clearly defined set of reference points for the sessions ahead.