XRP Price Rallies 100% as Whale Activity Reaches Record Highs
XRP price rallied to $2.84, marking a 100% weekly gain and surpassing a market cap of $150 billion, driven by increased activity from XRP whales. This rally has brought prices to levels not seen since 2018.
The surge in XRP's price began following Donald Trump’s victory last month, leading to over 430% gains. There is optimism surrounding a potential settlement of Ripple's SEC lawsuit during Trump's administration.
Ripple whales significantly increased their holdings, acquiring an additional 160 million XRP worth approximately $380 million over the weekend. Wallets holding between 1 million and 10 million XRP have collectively accumulated 679.1 million tokens valued at around $1.66 billion in the past three weeks. Additionally, the number of non-empty XRP wallets has exceeded 5.5 million for the first time in its history, according to Santiment.
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Courtesy: Santiment
Profit Booking by Whales
Data from CryptoQuant indicates that large holders are driving the rally, with whale activity remaining elevated over the past month. However, on-chain data suggests that whales may be preparing to book profits, as whale-to-exchange transactions have surged. The analyst Woominkyu noted that significant spikes in these transactions often coincide with XRP price peaks, indicating potential profit-taking or increased market activity.
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Courtesy: CryptoQuant
Will the XRP Price Rally Continue?
The XRPUSD trading pair has broken out from a symmetrical triangle pattern, reminiscent of the 2017 bull run when it reached an all-time high of $3.55. This breakout follows a three-year consolidation phase.
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Courtesy: TradingView
The breakout has pushed XRP past key Fibonacci levels, including 0.236 ($0.96), 0.382 ($1.46), and 0.618 ($2.25), mirroring the 2017 triangle breakout that led to a rise to the 1.618 Fibonacci level of $0.06.
Market analysts predict higher price targets for XRP in 2025. Trader Jacob Canfield suggests XRP could reach $6.60, double its previous all-time high, based on Fibonacci extensions and comparisons to Bitcoin's 2017 performance.
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Courtesy: Jacob Canfield
Canfield stated that using Fibonacci extensions indicates the potential price movement could target the 11.09 fib extension, which would place XRP around $6.60, representing a logical target for future speculation.