XRP seems to be again for a substantial price movement, now that large investors have bought millions of tokens in a short time. Despite the recent price pressure, an outbreak towards $ 3.30 would be possible if the positive signals persist.
XRP stable after correction
After a strong start this year, XRP has taken back gas in recent weeks. The course currently fluctuates around $ 2.63, which is still good for a annual increase of 24.44%.
At the beginning of February, XRP dropped under the important $ 3 limit, partly due to macro-economic uncertainty and new trade rates under President Trump. February is historically a difficult month for XRP and this year too, there seems to be no exception. Since the end of January, the rate has fallen by 13.2%, which shows the vulnerability of the market.
Despite the correction, large investors continue to strike XRP. For example, analyst Ali Martinez saw that Whales bought 60 million XRP on 17 February in a period of 24 hours. This is often a positive signal, since such accumulations usually precede substantial price increases.
A similar situation occurred in 2021, when XRP made a big rally after a wave of Whale accumulations after a period of consolidation. In April of that year, large investors bought XRP en masse, which coincided with positive legal developments in the sec case. In the end, the race rose from $ 0.60 to $ 1.96 in just a few weeks.
Although the circumstances are different now, such examples show that Whale activity can be a powerful catalyst for price movements.
Technical analysis: cup and handle?
Martinez also points to a possible ‘Cup and Handle’ pattern in the price chart. This pattern is known as a signal for an upward breakthrough, with a possible price target of $ 3.35. Yet it remains uncertain whether the formation has developed strong enough, since the pattern has formed over a relatively short period.
Caution remains required for traders and investors. Although both fundamental and technical signals are positive, earlier Whale accumulations have not always led to solid price increases. In the coming weeks, the course of XRP will determine, with the $ 3 limit remains a crucial level to recover.
Secrechtzaak and ETF application can help XRP ahead
The XRP price is not only influenced by Whales, but also by fundamental developments. One of the most important factors is the expected completion of the secrecht case against Ripple Labs. Now that former SEC chairman Gary Gensler has resigned, the hope for a favorable outcome is growing.
In addition, various applications have been submitted for an XRP Spot Exchange-Traded Fund (ETF), Van Coinshares, Bitwise, Canary Capital, Wisdomtree and Grayscale. This can mean a breakthrough for the adoption and liquidity of XRP, comparable to the impact of Bitcoin (BTC) ETFs earlier this year. Approval of this could give the course a major boost.
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Source: https://newsbit.nl/xrp-koers-op-weg-naar-335-analist-is-bullish-na-grote-aankopen/
