24/7 Cryptocurrency News

XRP Price Eyes Rally To $13 As Whales Move $222M

Published

2 days ago

December 20, 2024

XRP price has shown promising signs of a potential rally as 99,999,977 XRP, valued at $222,109,105, was transferred between two unknown wallets. This large-scale transaction has fueled speculation of increased whale activity, often seen as a precursor to significant market movements.

Currently trading at $2.1780, XRP is aiming for higher targets, with analysts pointing to a potential rise to $13 in the coming months.

XRP Whale Activity Sparks Bullish Momentum

The recent $222 million transfer of XRP has captured the attention of traders and analysts. Transactions of this scale often indicate strategic repositioning by large investors, commonly referred to as “whales.” These movements are usually associated with market shifts, either signaling accumulation ahead of a price surge or profit-taking before a downturn.

This move, moreover, follows a US appeals court reveal dates for opening brief and reply brief by Ripple and its CEO Brad Garlinghouse

Egrag Crypto, a market analyst, highlighted the importance of whale activity, noting that such movements can create ripple effects across the market.

“Large transactions like these demonstrate confidence among major holders and could lead to significant price shifts,” the analyst remarked.

Whale activity comes at a critical time as XRP’s price consolidates between $2.00 and $2.90, following a brief dip to $1.96. This consolidation has positioned XRP at a potential breakout point, with analysts suggesting an upward trend may be imminent.

Analysis Points to XRP Price Rally To $13

Technical analysis by seasoned analysts like Egrag Crypto reveals bullish prospects for XRP. On the 12-month timeframe, XRP’s yearly close above $1.99 is identified as a pivotal point, marking the highest closing level since 2017. This milestone could open the door for sustained growth in the asset’s value.

The analyst also emphasized that XRP’s current trajectory is steadier and less risky compared to the volatile cycles of 2017. The gradual incline of trend lines, measured at a 30-degree angle, reflects stable and controlled growth. Analysts believe this pattern could support XRP price climb toward its target of $13 in the months ahead.

Further supporting this outlook, the Relative Strength Index (RSI) on the quarterly chart indicates plenty of room for growth. With the RSI above 70 and heading toward 87, the asset shows strong momentum, suggesting further bullish price action.

Analysts Reassure Amid Temporary Price Dip

Despite XRP price recent drop of over 8% in the past 24 hours, experts remain optimistic about its long-term potential. Market strategist Egrag Crypto referred to the decline as “noise,” emphasizing that XRP is merely retesting its December 10 low before potentially bouncing back.

“Even a drop below $1.90 is not concerning,” the strategist noted, explaining that XRP could form a bullish double bottom on higher timeframes. Such a pattern could act as a springboard for the asset, pushing it toward new highs.

DonAlt, another market analyst, also weighed in, suggesting that XRP price is currently the best altcoin investment. While the broader market remains cautious, XRP’s potential for exponential growth has attracted attention, with projections ranging from $4.60 to an ambitious $35 over the long term.