XRP Price Surges As Whale Movements Signal Bullish: Can SEC Speculation Fuel Rally?

XRP price has been trading in a narrow range recently, indicating a period of consolidation for the altcoin. XRP has been hovering above $0.63, with a slight surge of 3% over the past week.

Despite a significant downturn in the overall cryptocurrency market, XRP has managed to maintain its position around the $0.60 support level. This stability comes amid speculations that the upcoming SEC closed-door meeting has positively influenced XRP’s recent performance.

The U.S. Securities and Exchange Commission (SEC) has announced another closed-door Sunshine Act meeting scheduled for August 1, 2024, at 2 PM ET. This meeting has fueled discussions within the crypto community about potential regulatory developments that could impact XRP.

XRP Price Stabilizes Above $0.63

At the time of reporting, XRP price hovered at $0.6325, with a slight surge of 4% during the U.S. trading session. Over the past 24 hours, the price fluctuated between a low of $0.5933 and a high of $0.635. 

The market sentiment showed both bullish and bearish trends, with notable volatility. The trading volume increased significantly by 38.56%, reaching $1.3 billion, indicating heightened market activity.

The technical indicators for XRP/USDT on Binance display a positive trend. The Moving Average Convergence Divergence (MACD) shows a slight bullish divergence. The MACD line at 0.0012 above the signal line at 0.0019. 

The Relative Strength Index (RSI) currently stands at 68, indicating a potential overbought condition. The bullish sentiment is further supported by the 20 Exponential Moving Average (EMA) moving above the 50-EMA, indicating a strengthening upward trend

With the current market surge, if bullish momentum continues, the XRP price could reach $0.65 and potentially $0.70 in the next bullish run. 

XRP/USDT 4-hour chart

Whale Activity and Investor Confidence

Whale Alert, a blockchain transaction tracker, recently reported several significant XRP transfers from Binance to private wallets. Over the last 24 hours, whales have shifted a notable 70 million XRP tokens, valued at $42.48 million, through three distinct transactions. 

🚨 23,288,726 #XRP (14,022,492 USD) transferred from #Binance to unknown wallethttps://t.co/BWYlXGIS8b

— Whale Alert (@whale_alert) July 30, 2024

The transfer signals confidence in the cryptocurrency’s future. Investors moving their tokens to private wallets typically reflect a belief in potential price increases. This pattern of behavior is often observed in bullish market conditions.

While the bullish outlook for XRP price is logical, investors need to be aware of a sudden spike in selling pressure. If the remittance token fails to hold the $0.60 support level, it may decline to $0.58 and further to $0.55.