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- Despite a volatile week in crypto markets, whales have shown confidence, acquiring a staggering 1 billion XRP coins in just two days.
- Ripple Labs’ recent transfer of 300 million XRP, valued at approximately $682 million, adds to the growing accumulation trend.
XRP, the fourth-largest cryptocurrency by market valuation, has experienced significant fluctuations this week, leaving many investors on edge. Despite these market swings, XRP whales are displaying notable confidence.
According to a recent X post by market analyst Ali Martinez, these whales have accumulated over 1 billion XRP tokens in the last 48 hours. Additionally, during the period between January 7 and 8, XRP whales sold 60 million XRP, worth approximately $139 million, contributing to a decline in XRP’s price from $2.4 to $2.2.
As of today, XRP’s price has rebounded slightly, showing a 1.65% increase over the past 24 hours, reaching $2.36. Despite this uptick, XRP has fallen 3.22% over the last week, and its trading volume has dropped by 8.22%, settling at $4 billion. However, there is a silver lining: XRP’s Futures Open Interest has risen by 3% to reach $4.37 billion, according to CoinGlass data. This increase in Futures interest suggests growing investor optimism in the face of market volatility.
Adding to the intrigue, Ripple Labs moved a staggering 300 million XRP tokens, valued at approximately $682 million, to an unknown wallet. This transaction has sparked various market speculations, fueling curiosity about Ripple’s next moves and potentially hinting at a larger market strategy in the coming weeks.
Ripple’s fundamentals have also experienced a significant boost. The company just launched its RLUSD stablecoin in December, which has been listed on major exchanges like Bitstamp. Ripple’s partnership with Chainlink further strengthens XRP’s position by ensuring the secure transmission of real-time pricing data for RLUSD. These moves have added another layer of optimism for XRP as it continues to gain attention amid the ongoing legal battle with the SEC.
XRP’s Price Outlook: Key Levels and Targets
Market analyst Dark Defender has shared his expectations for XRP’s price movement, identifying key levels to watch shortly. XRP’s targets include $2.40, $2.86, $4.55, and $5.85, with the possibility of an upside breakout toward $6. Support levels to watch for potential downside movement include $2.23 and $2.13. Dark Defender highlights XRP’s impressive surge since September 24, noting that it has outperformed Ethereum (ETH) by three times.
This aligns with the analyst’s prediction that XRP is poised for a “third wave” of growth. For traders, two key entry points have been suggested: the rising trendline at $2.05 and a breakout level at $2.50. With a generally bullish outlook, analysts speculate that XRP might soar to as high as $10 in the long run, supported by strong market fundamentals and continued whale activity.
