XRP Price Gains 7% as Whales Purchase 150 Million Units in Two Days
XRP has rebounded from the support range of $2.27 to $2.38, currently trading at approximately $2.58. It has gained about 7% over the past two weeks with a market valuation of around $258 billion and a 24-hour trading volume of $4.2 billion.
Key points:
- XRP has closed the last three months in green, indicating a macro bullish trend.
- The monthly Relative Strength Index (RSI) has been above 74% since November 2024.
- Technical analysis suggests XRP is nearing the conclusion of the second wave of Elliott wave theory, with potential support between $2.44 and $1.99.
- A successful rebound could see XRP targeting $5.8 to $8 in the coming weeks.
- Whales have recently purchased 150 million XRP, increasing their control to approximately 6.9 billion coins.
- The bullish outlook is supported by changes in the regulatory landscape and renewed institutional demand.
- The Ripple vs SEC lawsuit may soon conclude, as the SEC reduces crypto enforcement actions.
- Ripple is enhancing its XRPL chain capabilities and has introduced a stablecoin, Ripple USD (RLUSD).