XRP Price Nears Breakout To ATH As Whales Move $95M
XRP price, despite a corrective phase in recent days, is projected to rally to a new all-time high after forming a bullish pattern. The cryptocurrency has fluctuated between an intra-day high of $2.48 and a low of $2.36 in the past 24 hours.
At the time of writing, XRP price stands at $2.35, marking a 3.52% decline from a critical resistance point. Amid this bearish movement, significant whale activity has sparked rally speculation to a new ATH in the market.
XRP Whale Transfer to Coinbase Fuels Rally Speculation
A massive XRP transfer caught the attention of analyst as approximately 39.43 million XRP, worth around $95.5 million, was moved from an unknown wallet to Coinbase. The transaction has raised questions about potential large-scale sales, which could affect market liquidity.
Transfers of this size are often seen as potential market-moving events, especially when directed to major exchanges like Coinbase.
These movements align with ongoing bullish expectations for XRP price, as crypto analysts highlight that it is trading just below a key resistance level of $2.52. If this barrier is broken, the stage may be set for a bullish phase, supported by recent whale activity and technical analysis patterns.
XRP Price Technical Analysis Points to New ATH
The current outlook for XRP price is influenced by the development of a bull flag pattern. Ali, a crypto analyst, noted that while XRP may see a brief correction, a potential breakout above $2.46 could send the price toward the $4 range.
This projection comes amid reports that the TD Sequential indicator, which has shown a sell signal on the 4-hour chart, could mean a short-term price decline before an upward move.
Adding to this technical perspective, analyst Dark Defender pointed out that XRP has been navigating an ABC corrective wave pattern. This pattern is commonly observed during market consolidations prior to an upward trend continuation. In this case, Wave A and Wave C represented downward trends, while Wave B was an upward correction. If the price successfully breaks through the $2.52 resistance level, analysts predict a move to $5.85 in the near term.
Market Eyes $5.85 as Potential Price Target
Should XRP price break through the immediate resistance, the next target is expected to be $5.85. This price point corresponds to a significant Fibonacci extension level, signaling strong resistance.
Dark Defender’s analysis highlights that surpassing this level would require XRP to exceed its historical high of $3.40, set nearly seven years ago. Achieving this milestone could bolster further bullish momentum and place XRP on a trajectory toward a higher price range.
The completion of the ABC corrective wave and the break above the daily resistance trendline would confirm the bullish scenario. A breakout could pave the way for potential gains, with projections reaching up to $18.22 in the long term.
Ripple Legal Developments Continue to Influence XRP Market
Ripple’s ongoing legal challenges have also influenced the XRP market. The company is engaged in the In re Ripple Labs Inc. litigation, where lead plaintiff Bradley Sostack has 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.
Amid these developments, Ripple transferred 380 million XRP, worth more than $915 million, to a wallet coinciding with the company’s recent approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin.
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