The XRP price is on the brink of a breakout as a whale transfers $222M XRP amidst expectations of a rally to $13 driven by robust momentum.
The XRP price has exhibited promising signs of a potential rally, as 99,999,977 XRP, valued at $222,109,105, was transferred between two unknown wallets. This significant transaction has sparked speculation regarding the potential for increased whale activity, frequently perceived as a precursor to substantial market fluctuations.
XRP is currently trading at $2.1780 and is striving to achieve higher goals. Analysts anticipate a potential increase to $13 in the coming months.
The XRP whale activity has generated a bullish momentum
Traders and analysts have been captivated by the recent $222 million transfer of XRP. Large investors, frequently called “whales,” often strategically reposition through transactions of this magnitude. These movements are typically linked to market shifts, indicating accumulation before a price increase or profit-taking before a decline.
Additionally, this action is in response to Ripple and its CEO, Brad Garlinghouse, revealing the dates for their opening and reply briefs in a US appeals court.
Egrag Crypto, a market analyst, emphasized the significance of whale activity, observing that such movements can have a ripple effect on the market.
“Large transactions like these demonstrate confidence among major holders and could lead to significant price shifts,” the analyst remarked.
The whale activity occurs at a critical juncture, as the price of XRP is currently consolidating between $2.00 and $2.90, following a brief dip to $1.96. This consolidation has placed XRP at a potential breakout point, with analysts predicting that an upward trend may be imminent.
The analysis indicates that the price of XRP will increase to $13
Egrag Crypto, a seasoned analyst, has identified bullish prospects for XRP through technical analysis. The 12-month timeframe identifies XRP’s yearly close above $1.99 as critical, representing the highest closing level since 2017. The asset’s value may experience sustained growth due to this milestone.
The analyst also underscored that XRP’s current trajectory is less risky and more stable than the volatile cycles 2017. The steady and controlled growth is indicated by the gradual incline of trend lines, as measured at a 30-degree angle. According to analysts, this pattern has the potential to facilitate the price of XRP’s upward trajectory toward its target of $13 in the months ahead.
The Relative Strength Index (RSI) on the quarterly chart further supports this outlook, suggesting ample opportunity for growth. The asset is exhibiting robust momentum, suggesting additional bullish price action, as the RSI is currently above 70 and on the verge of reaching 87.
Amid a temporary price decline, analysts provide assurance
Despite the recent over 8% decline in the price of XRP over the past 24 hours, experts remain optimistic about its long-term potential. Egrag Crypto, a market strategist, characterized the decline as “noise,” indicating that XRP is merely retesting its December 10 low before potentially rebounding.
The strategist observed that a drop below $1.90 is not a cause for concern, and he further elaborated that XRP could establish a bullish double bottom on longer timeframes. An asset could be propelled to new heights by such a pattern.
Additionally, DonAlt, an additional market analyst, expressed his opinion that the current price of XRP is the most advantageous altcoin investment. XRP’s potential for exponential growth has garnered attention despite the broader market being cautious. Projection ranges from $4.60 to an ambitious $35 over the long term.
