XRP’s bullish breakout looms as a 30 million XRP ($76.1M) transfer fuels speculation.
XRP’s price seems poised for a bullish breakout, fueled by notable whale activity and positive legal updates. A recent transfer of 30 million XRP (valued at approximately $76.1 million) from the South Korean exchange Upbit to an unknown wallet has drawn significant attention, signaling increased activity among large holders.
This development coincides with close scrutiny from analysts and the crypto community regarding Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The SEC faces a January 15 deadline to submit its appeal-related filing regarding Judge Analisa Torres’s ruling that normal XRP sales do not qualify as securities under the Howey Test.
XRP Price Eyes New ATH As Whales Move $76.1M
Whale Alert reported the movement of 30 million XRP, which has sparked speculation about potential price volatility. Analysts note that such large transactions often indicate accumulation or preparation for significant moves, historically linked to XRP price shifts.
Some predict the cryptocurrency could see double-digit gains as a result. EGRAG Crypto, a well-known market analyst, recently highlighted a rare “Megaphone Bottom” pattern in XRP’s charts, which carries a win rate exceeding 70%.
XRP Breaks Out of Symmetrical Triangle
The analyst suggests this formation could propel XRP to an all-time high (ATH) of $8. Ripple’s legal battle continues to influence market sentiment positively.
Recent developments, such as a ruling to seal certain documents related to Ripple’s summary judgment motion, have bolstered investor confidence.
With SEC Chair Gary Gensler and Commissioner Caroline Crenshaw set to resign on January 20, some speculate that pro-crypto leadership, such as former Commissioner Paul Atkins, could shift the agency’s stance on the Ripple case.
Prominent crypto trader “Dark Defender” also pointed out that XRP is in the final stages of its “throwback” after breaking a triangle pattern. He predicts the cryptocurrency could reach a new ATH of $4.4 within days.
Meanwhile, the XRP community remains optimistic about Ripple’s leadership, particularly following recent meetings between Ripple CEO Brad Garlinghouse and U.S. President-elect Donald Trump.
While specific details have not been disclosed, many view these interactions as a potential catalyst for an XRP price breakout.
