XRP Price Could Soon Hit New ATH As Whales Move $84M

XRP’s price has been seeing some significant movements lately, with recent whale transactions suggesting potential for a new all-time high (ATH).

Over the past few hours, there has been a notable transfer of 34,943,418 XRP, worth approximately $84 million, between unknown wallets. This large transaction has caught the attention of traders and analysts, signaling possible price fluctuations in the near term.

XRP Whale Activity Sparks Rally To ATH

A major transfer of XRP funds, valued at over $84 million, has stirred speculation about the cryptocurrency’s price trajectory. The move, made by unidentified wallets, has fueled discussions within the XRP community about possible future price increases.

Analysts point out that large-scale transactions often precede significant market shifts, either indicating buying pressure or movements related to market strategy.

The question now is whether this whale activity is a precursor to a bullish trend. According to crypto analysts Ali Charts, XRP is still within a consolidation phase, with its price fluctuating between $2.17 and $2.70.

Despite this range, there is growing optimism that XRP price might retest the $2.25 mark before breaking through to higher levels. If XRP price maintains its momentum, it could reach $4.40 or higher in the coming weeks, setting the stage for a potential ATH.

XRP Price Technical Analysis Suggests Bullish Momentum

Technical indicators suggest that XRP is positioned for further upward movement. Analysts have noted that the coin is currently trading above key support levels, and consecutive bullish pennants have formed on the price charts. These patterns typically signal a continuation of upward trends once the price breaks through key resistance levels.

One analyst, EGRAG CRYPTO has pointed out that the recent price movement of XRP is similar to its performance in previous bull cycles, such as the one in 2017. During that period, XRP saw a substantial surge, and some expect the cryptocurrency to repeat that growth pattern in the current market of over 150% surge.

Subsequently, the analyst has projected XRP’s future price range from $4.30 to $6.40 in the coming months, with some optimists even predicting a potential surge over 1,000% rally beyond $13 by early 2025.

Ripple Lawsuit and Market Sentiment

XRP’s price trajectory is also influenced by developments surrounding the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The case, which has been a significant source of uncertainty for XRP holders, is expected to reach a critical deadline by January 2025. As of now, there is speculation that the SEC may request an extension for its appeal, which could prolong the legal battle.

The appointment of David Sacks as the “White House AI & Crypto Czar” has added another layer of complexity to the situation. Sacks, a known supporter of Ripple and its technologies, could potentially influence U.S. crypto policies, which may benefit XRP’s future prospects. His role could contribute to positive market sentiment, as some believe his support might provide momentum to XRP in the long run.

Given the combination of whale activity, bullish technical analysis, and potential legal resolution, XRP’s price could experience significant growth in the near future. Some analysts are even predicting a 35x price increase, bringing the cryptocurrency to $99 or higher.

While this remains a speculative scenario, XRP holders are watching closely for any signs that could confirm such a rally. As of press time, XRP price exchanging hands at $2.41, a 4.37% decline from the intra-day high of $2.64.

The post XRP Price Could Soon Hit New ATH As Whales Move $84M appeared first on CoinGape.

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Kelvin Munene Murithi
CoinGape