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XRP Whales Buy Over 100M Tokens, New ATH Soon?
Recent data from Santiment has revealed that XRP whales have been active in the market, acquiring over 100 million tokens within a 48-hour period. This substantial accumulation has garnered significant attention towards XRP, which has recently displayed notable price movements.
Current Price Action Amidst Whale Activity
At present, the XRP price is trading at approximately $3.24, reflecting an increase of 3.34% compared to its previous close. The cryptocurrency experienced a high of $3.33 and a low of $2.90 within the day, highlighting its volatility.
It’s worth noting that on January 15, 2025, XRP surged to $3.02, driven by optimism surrounding Ripple’s ongoing legal situation with the U.S. Securities and Exchange Commission (SEC). Whales bought over 100 million XRP in the last 48 hours, as shown by data from @santimentfeed!
Ripple’s Legal Journey Influences Market Sentiment
Ripple’s legal journey has been a critical factor influencing XRP’s market sentiment. In July 2023, a court decision ruled that XRP is not a security when sold to retail investors, providing a significant boost to market confidence. Discussions about potential changes in SEC leadership have sparked speculation that Ripple’s case could be dismissed, further fueling positive sentiment around XRP.
Technical Analysis Suggests Bullish Trends
From a technical perspective, XRP price appears to be in a strong position. Analytical tools and indicators are signaling a bullish trend, with platforms like TradingView reflecting strong buy recommendations. Metrics such as moving averages and oscillators support the positive outlook, suggesting favorable conditions for XRP traders and investors.
XRP Maintains its Market Cap Ranking
XRP continues to maintain its rank as the third-largest digital asset by market capitalization, following Bitcoin and Ethereum. This status underscores XRP’s significant presence and influence within the crypto market.
Analysts Identify Potential Price Targets
Analysts have identified potential price targets for XRP based on technical patterns. Fibonacci extensions indicate a possible climb to around $4.40, a level that has attracted considerable attention. While these projections are optimistic, market participants remain vigilant of broader industry developments and any news that could impact XRP’s trajectory.
The combination of increased XRP whale activity, Ripple’s legal developments, and technical strength has positioned the crypto as a focal point in the market. These factors continue to influence its performance, keeping the token under close observation.
Source: www.cryptonewsz.com
