XRP Price Nears Breakout To ATH As Whales Move $95M

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed countless bull and bear cycles. The recent fluctuations in XRP price have piqued my interest, given the significant whale activity and technical analysis patterns that point to a potential rally to new all-time highs.

As an analyst, I am confidently predicting that my personal analysis points towards a potential surge in XRP’s price, reaching new record highs. Over the last day, it has demonstrated a bullish pattern by oscillating between an intraday peak of $2.48 and a trough of $2.36. Despite this recent corrective phase, I am optimistic about its potential future growth.

Currently, the price of XRP is at $2.35, representing a 3.52% drop from a crucial resistance level. Despite the downward trend, heightened whale activity has ignited discussions about potential rallies, reaching an all-time high in the market.

XRP Whale Transfer to Coinbase Fuels Rally Speculation

39.43 million units of the cryptocurrency XRP, valued at approximately $95.5 million, were transferred from an unidentified digital wallet to Coinbase, drawing the attention of analysts. This transaction has sparked speculation about possible large-scale sales, which could potentially impact market liquidity.

Transactions of such magnitude are frequently considered significant enough to influence market trends, particularly when they’re targeted at prominent platforms such as Coinbase.

The actions being taken are in line with the continuing belief among cryptocurrency analysts that the price of XRP could rise, as they point out that it’s currently hovering just beneath a significant resistance point of $2.52. Should this obstacle be surpassed, conditions might favor a bullish trend, bolstered by recent large-investor activity and technical analysis trends.

XRP Price Technical Analysis Points to New ATH

According to crypto expert Ali’s analysis, the future cost of XRP is likely influenced by the formation of a bull flag pattern. He suggests that while there might be a temporary decrease, a surge over $2.46 could potentially push the price towards around $4.

Based on recent updates, it appears that the TD Sequential indicator, which currently suggests a selling opportunity on the 4-hour chart, might indicate a brief downward trend prior to an anticipated uptick.

From a technical viewpoint, Dark Defender, our analyst, notes that XRP appears to be following an ABC corrective wave pattern – a typical occurrence during market consolidations before an uptrend resumes. In this scenario, Wave A and Wave C show declines, while Wave B offers an upward correction. If the price manages to surpass the $2.52 barrier, analysts anticipate a potential jump to around $5.85 in the short term.

Market Eyes $5.85 as Potential Price Target

If XRP’s price manages to breach its current resistance, my analysis predicts that it could potentially reach approximately $5.85. This value aligns with a substantial Fibonacci extension level, indicating a formidable barrier to further growth.

According to Dark Defender’s findings, for XRP to surpass the current level, it must reach a value greater than its previous record high of $3.40, which was set over six years ago. If this target is met, it could stimulate additional bullish energy and steer XRP toward higher price zones.

Finishing off the ABC corrective phase and surpassing the daily resistance trendline would support the bullish outlook. This breakthrough might open up possibilities for substantial increases, potentially taking us up to $18.22 in the future.

Ripple Legal Developments Continue to Influence XRP Market

The ongoing legal disputes involving Ripple have indirectly impacted the XRP market as well. Specifically, Ripple is embroiled in the “In re Ripple Labs Inc.” lawsuit, where Bradley Sostack, the lead plaintiff, has recently filed an appeal in the U.S. Court of Appeals for the Ninth Circuit.

The appeal challenges earlier rulings that favored Ripple and its CEO Brad Garlinghouse. Additionally, there are key upcoming dates in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), with a principal brief due on January 15.

In the midst of these ongoing advancements, I’ve noticed that Ripple moved over 380 million XRP, valued at approximately $915 million, to a wallet linked with their recent approval by the New York Department of Financial Services (NYDFS) for their RLUSD stablecoin. This move could be indicative of their plans for this digital asset.

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2024-12-12 23:40