XRP Aims for $4 Breakout Amid Whale Activity Concerns
Ripple's cryptocurrency, XRP, is experiencing notable price volatility around $3.00. Investors are monitoring the situation as technical charts indicate a potential rally to $4, although recent whale activity suggests caution.
XRP Price Movement
- Crypto analyst Lark Davis highlights a potential breakout if XRP closes above the wedge pattern’s upper trendline, suggesting a move towards $4.
- EGRAG Crypto notes XRP's attempt to secure a strong monthly close in the $3.13–$3.20 range, potentially marking its highest monthly closing price.
- The US government shutdown delays the approval of the XRP ETF, impacting potential market catalysts.
XRP price eyes breakout past $3.2 | Source: EGRAG Crypto
Whale Activity and Market Impact
- Whale Alert reports a transfer of 18,744,800 XRP (valued at approximately $55.87 million) from an unknown wallet to one associated with Ripple, raising concerns about possible liquidations.
- Despite this transfer, XRP prices remain steady, with ongoing negative whale flows indicating distribution pressure.
- XRP exchange balances have increased significantly, with about 320 million XRP moved to exchanges over the last week, valued at nearly $950 million.
- This shift suggests investors are opting for short-term gains, impacting market stability and potential long-term recovery.
XRP exchange balance rising | Source: Glassnode