XRP Price Eyes Bullish Breakout As Ripple Whales Move $175 Million
Highlights
- Crypto analyst Egrag Crypto stated that the XRP price needs to hold above $2.41 to $2.50 to confirm bullish breakout.
- He warned that the altcoin's failure to hold above $2.3 could lead to a correction to as low as $1.2.
- The analyst also stated that his $27 target for XRP in this cycle hasn't changed.
- Ripple whales have moved over $175 million worth of XRP in the last 24 hours.
The XRP price surged over 8% following the SEC’s filing of its agreement with Ripple yesterday. Now, crypto analyst Egrag Crypto has commented on the altcoin’s price action and revealed what needs to happen for it to confirm a bullish breakout. Amid this analysis, Ripple whales have moved $175 million worth of coins.
XRP Price Needs To Hold This Level For Bullish Confirmation
In an X post, Egrag Crypto stated that in the short term, the XRP price must close above $2.41 to $2.50 to confirm a bullish breakout. He noted that the altcoin is at a crossroads, trading between critical breakout levels and potential retest.
The analyst warned that XRP’s failure to breach the range around $2.3 and start consolidation could mean that the price correction isn’t over. He added that the altcoin might see lower targets with the ultimate retest around $1.3 and $1.2. Egrag Crypto remarked that a drop to this zone would present a once-in-a-generation buying opportunity.
Meanwhile, he still expects the XRP price to rally to as high as $27 in this market cycle, as he stated that his cycle targets haven’t changed. Crypto analyst Dark Defender also recently indicated that Ripple’s native crypto’s journey to double digits has begun.
This bullish outlook for the altcoin comes amid the US SEC’s filing of its settlement agreement with Ripple. This development further brings the long-running legal battle closer to a conclusion. A conclusion of the case would bring market clarity for investors and is undoubtedly bullish for the altcoin.
Ripple Whales Move $175 Million Worth of Coins
Amid this prediction for the XRP price, Ripple whales have moved over $175 million worth of coins. Whale Alert data shows that a whale moved just over 46.4 million XRP ($106.6 million) from an unknown wallet to another unknown wallet.
Meanwhile, in another transaction, another Ripple whale moved 29.5 million XRP ($69.5 million) from an unknown wallet to the top crypto exchange Coinbase. Transfers to exchanges are typically bearish, as it suggests the holder plans to offload these coins.
However, whales look to be actively accumulating at the moment, which is bullish for the XRP price. As CoinGape reported, Ripple whales moved $782 million worth of XRP to unknown wallets. Transfers to unknown wallets usually indicates that the investor is looking to hold these coins for the long haul.
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