Ripple News: 231M XRP Move Sparks Speculation, What’s Happening?
Key Insights:
- Whale activity for XRP surge as two whales accumulated $809 million in XRP over the last 24 hours.
- Buying pressure in South Korea continues to rise again after XRP hit a new ATH.
- Analysts predict XRP price target of $5.85 for September and $9.76 for year-end.
In a major Ripple news today, whale activity for XRP has significantly increased as traders look for cues on further price direction after hitting an all-time high last week. On-chain platform spotted whales moving more than 231 million on Monday, with bulls in full control to push XRP price to $5.
Whales Move XRP Worth $809 Million
Whale Alert on July 21 reported that a whale woke after 3 years to transfer 210,669,117 XRP worth $738 million to a new wallet address rQf2is. On-chain analysis further revealed another 20 XRP transfer from crypto exchange Coinbase-linked wallet to this wallet.
At the time of writing, the wallet held more than 210,669,137 XRP. This big movement signaled strategic rebalancing, OTC deals, or positioning for new market events rather than immediate dumping.
Whale Alert also flagged another transfer of 20,000,000 XRP worth over $71 million. This was a classic whale accumulation of XRP from South Korea’s largest crypto exchange Upbit. The wallet held 789,127 XRP at the time of writing.
Last week, Ali Martinez reported that whales bought 2.20 billion XRP in two weeks to trigger a massive rally in XRP price.
Ripple News: XRP Price Going Parabolic
XRP price on a parabolic run to hit multiple ATH in the coming months, as predicted by veteran trader Peter Brandt. Amid major news from Ripple about partnerships and stablecoin adoption by institutional investors, XRP price hit a new ATH.
However, analysts claim the rally hasn’t concluded yet as the market cap climbed over $214 billion. Popular analyst within the XRP community EGRAG Crypto predicted XRP market cap to reach over 1.5 trillion by the end of 2026 if the demand continues at the current rate.
Analyst Dark Defender claimed he correctly predicted XRP hitting $3.61. He shared XRP price target of $5.85 for September and also predicted an ATH of $9.76 potentially by the end of the year.
The key support levels to watch are $3.40 and $3.20. If the levels are broken, XRP price could correct below $3.
Analyst CasiTrades also suggested $3.40 and $3.20 as potential retracement levels. XRP was hovering right above the old highs, trying to flip $3.40 into support. If bulls hold this level and build a base here, things could accelerate fast.
The next Fib extension above is at $4.65. XRP also mirrored its 2020 price action almost perfectly same structure, same key levels, with the same breakout setup.
XRP Price Performance Amid Bullish Ripple News
XRP price jumped 2% in the past 24 hours and 20% in a week, with the price currently trading at $3.56. The 24-hour low and high were $3.42 and $3.58, respectively.
Furthermore, the trading volume has increased by 50% in the last 24 hours, indicating a rise in interest among traders.
In the daily timeframe, the price is below the 50-SMA, 100-SMA and 200-SMA at the time of writing. Whereas, Relative Strength Index (RSI) rises to 46, signaling potential for upside move.
CoinGlass data showed muted action in the derivatives market. At the time of writing, the total XRP futures open interest fell 0.06% to $11.05 billion in the last 24 hours. XRP futures OI on CME jumped 1.91% and fell 2.21% on Binance. This signals mixed sentiment among derivatives traders.
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