Home Altcoins News XRP Price Poised for Major Breakout as Whales Move $76M Amid Legal Optimism

XRP Price Poised for Major Breakout as Whales Move $76M Amid Legal Optimism

XRP price

XRP, the native cryptocurrency of Ripple, is showing strong signs of a bullish breakout as large transactions and positive legal developments suggest significant price movement ahead. The latest surge in whale activity, with 30 million XRP (approximately $76.1 million) moved from Upbit to an unknown wallet, has drawn the attention of traders and analysts, who are predicting a potential surge to new all-time highs (ATH).

This major transfer comes at a crucial time, as Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) nears a critical deadline. With the SEC’s appeal brief due on January 15, 2025, the market is bracing for potential volatility, which could propel XRP’s price upward if legal outcomes are favorable for Ripple.

Whale Activity Drives Bullish Sentiment

The recent transfer of 30 million XRP from Up bit, a South Korean cryptocurrency exchange, to an unknown wallet has drives significant speculation in the market. Such large-scale transactions often precede price volatility, as they suggest that big holders, or “whales,” are either preparing for further accumulation or are positioning themselves for large transactions.

Historically, whale movements have been tied to significant price movements in the XRP market. Some analysts suggest that this transfer could be a signal of upcoming bullish momentum, with the possibility of double-digit gains in the near future. The timing of this move, coupled with the legal optimism surrounding Ripple, has led many to believe that XRP could soon see a price surge.

The Megaphone Bottom Formation: A Bullish Indicator

XRP’s chart is showing a rare and potentially bullish formation known as the “Megaphone Bottom.” According to EGRAG Crypto, a well-known market analyst, this technical pattern has a win rate of over 70%, indicating a high probability of a price increase if the formation continues to play out.

The Megaphone Bottom formation occurs when the price makes lower lows and higher highs, creating a broadening pattern. This pattern is often seen before a breakout, suggesting that XRP could see significant upward movement in the near future. Analysts predict that, if this pattern fully develops, XRP could reach a new ATH of $8, well above its previous high, further fueling market optimism.

Symmetrical Triangle Breakout: XRP’s Bullish Technical Signal

In addition to the Megaphone Bottom, XRP has also recently broken out of a symmetrical triangle pattern, another bullish signal. A symmetrical triangle forms when the price action converges, with the upper and lower trendlines gradually coming closer together. When the price breaks above the upper trendline, it is often considered a sign of a potential upward movement.

According to the market analyst World of Charts, XRP’s breakout from the symmetrical triangle could lead to a 60% increase in its price. The target price for XRP, based on the height of the triangle, is set at around $4, a significant jump from its current levels. With this technical formation in play, traders are closely watching XRP for any signs of continued upward momentum.

Legal Developments: The SEC Appeal and Ripple’s Prospects

As XRP’s price rallies on technical indicators, the outcome of Ripple’s ongoing legal battle with the SEC looms large. The SEC’s appeal brief, due by January 15, 2025, will provide key insights into the regulator’s stance on Judge Analisa Torres’s 2023 ruling that XRP’s normal sales are not securities under the Howey Test.

This ruling was a significant victory for Ripple, as it concluded that XRP’s typical sales do not meet the criteria of a security. The SEC’s appeal aims to challenge this decision, and many legal experts believe the outcome could have a profound impact on Ripple’s future.

Marc Fagel, a retired securities lawyer, noted that it is common for the SEC to submit its filings on the last possible day. The market is anticipating that a favorable ruling for Ripple could provide further legal clarity and boost investor confidence, potentially sending XRP to new price highs.

The Countdown to January 15: A Potential Turning Point

With the SEC’s appeal deadline fast approaching, all eyes are on the Ripple case. If the SEC fails to produce a strong argument or if the courts rule in favor of Ripple, the legal clarity could trigger a major surge in XRP’s price. The positive legal developments, combined with the bullish technical indicators, have fueled expectations that XRP may be on the verge of breaking through its previous ATH and reaching new heights.

Investors and traders are watching closely as Ripple’s legal battle progresses, knowing that any significant movement in the case could lead to substantial price volatility for XRP. If the market remains optimistic and the legal case continues to favor Ripple, XRP could potentially see double-digit gains and a new ATH in the near future.

Conclusion:

XRP’s price is nearing a critical breakout, with whale movements, technical formations, and legal optimism fueling a potential rally. The transfer of $76 million worth of XRP and the breakout from both the Megaphone Bottom and symmetrical triangle patterns suggest that a significant price surge could be imminent. As the SEC’s appeal deadline approaches, the outcome of Ripple’s legal case could play a pivotal role in determining whether XRP can reach new all-time highs. Investors are keeping a close eye on these developments, anticipating that the combination of legal clarity and technical strength could lead to major gains for XRP in the coming weeks.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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