- XRP has recently recorded significant whale activity with a substantial transfer of 34,943,418 XRP, equivalent to approximately $84 million causing a stir.
- Whale activity combined with the potential ending of the Ripple vs SEC legal battle could see the digital asset attain a new all-time high of between $4.30 and $6.40.
XRP has been in the cross-hairs of investors and market participants alike. This comes as the digital asset behind the company Ripple attracted significant attention due to its bullish rally. XRP, holding the fourth position has recorded significant activity in its network. More so recent developments have shown increased activity from major cryptocurrency holders.
These whale activities have led market pundits and analysts to beleive that XRP could be posing for a new all-time high.
A substantial transfer of 34,943,418 XRP, equivalent to approximately $84 million, has been observed between unidentified wallets. This large-scale movement of funds has caught the attention of market participants, who are closely monitoring for potential implications on XRP’s price dynamics.
A significant XRP transaction, valued at over $84 million, has been observed, triggering discussions among analysts. While the specific intentions of the unidentified wallet remain unclear, such large-scale movements can influence market sentiment and potentially catalyze price increases.
Putting into consideration that whale activity is more times than not a remedy for a positive price rally, analysts think this might be the case for the digital asset.
In the same vein, a renowned crypto analyst has suggested that the digital asset is still within a consolidation phase with its price fluctuating between $2.17 and $2.70.
At the time of writing, XRP’s market price has fluctuated in the daily charts. XRP is swapping hands with $2.22 marking a 7.38% and 15.25% decline in the last 24 hours and week respectively. On the other hand, the digital asset has recorded gains of 280.22% in the monthly charts.
While it’s price is currently trading within a range, there’s growing optimism that it could retest the $2.25 level. If this momentum continues, XRP might reach between $4.30 and $6.40 in the coming weeks, potentially setting a new all-time high.
XRP Price Technical Analysis
Technical indicators point to a bullish outlook for XRP. The cryptocurrency is currently trading above critical support levels, and multiple bullish pennant patterns have formed on its price charts. This technical setup suggests that XRP may continue its upward trend once it breaks through key resistance levels.
Drawing parallels to the 2017 bull run, analyst EGRAG CRYPTO believes that XRP’s recent price action mirrors its past performance. During the 2017 bull market, XRP experienced a significant price surge. Some analysts anticipate a similar growth trajectory for XRP in the current market, potentially leading to a surge of over 150%.
On the other hand, the asset’s price hangs in the balance of the Ripple vs SEC case. Potentially, the case is expected to end January 2025 when Donald Trump and the new appointed SEC chair enters office. The specter of a potential SEC appeal casts a long shadow over the cryptocurrency, prolonging market uncertainty.
