The XRP price is showing signs of rising following the activity of big whales and positive legal developments. The transfer of 30 million XRP (approximately $76.1 million) from the South Korea-based Upbit exchange to an unknown wallet increased the interest of major investors in the market.
Whales’ Big Transfers Draw Market Attention
According to the latest report by Whale Alert, the transfer of 30 million XRP from Upbit exchange to an unknown wallet indicates potential volatility on the market. Large transactions are often considered a harbinger of price volatility.
Technical Analysts Expect Uptrend
Some analysts interpret whales’ large transfers as accumulation or preparation for large transactions. It has been observed in the past that such movements lead to changes in XRP price trends. According to EGRAG Crypto’s comment, it is stated that XRP is exhibiting the rare “Megaphone Bottom” formation and this may be a harbinger of an upward trend. The fact that the success rate of this technical formation is over 70% supports the analyst’s prediction that XRP may rise up to $8.
SEC Case and Legal Uncertainties
Ripple $2.4While ‘s legal battle with the US Securities and Exchange Commission (SEC) continues, the SEC is expected to file an appeal by the January 15 deadline. Retired securities lawyer Marc Fagel stated that in legal processes, files are generally not submitted in the last few days, and that there is still uncertainty about whether the SEC’s filing will be completed.
“In my thirty years of litigation experience, I may have seen a time or two where a lawyer submitted a case before the deadline.” –Marc Fagel
Positive Opinions from Market Analysts
Market analysts remain optimistic about XRP price potential. Especially with the positive impact of bullish signals in technical analysis and legal developments, some analysts predict that XRP may experience double-digit increases. Crypto trader “Dark Defender” states that XRP could reach new record highs after breaking the triangle formation.
“XRP price is in the final stages after breaking the triangle pattern and is likely to reach new record highs of $4.4 in the coming days.” –Dark Defender
Ripple Leadership and Political Relations
Ripple’s CEO Brad Garlinghouse’s meetings with President Donald Trump during the US election are considered a positive development by the XRP community. It is thought that such high-profile relationships may pave the way for the XRP price to rise.
Conclusion
Considering XRP’s current market movements, technical analysis and developments in legal processes, an increase in the future value of the cryptocurrency is expected. Whales’ major transfers, analysts’ positive predictions, and Ripple’s strategic moves strengthen XRP’s potential to reach new record highs. Investors continue to determine their strategies by closely following the course of legal processes and market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
