XRP price rally continues to $2.84 surging more than 100% over the past week amid strong whale activity with large holders scooping 160 million XRP worth $380 million over the past weekend.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Earlier today, XRP price XRP $3.12 24h volatility: 2.3% Market cap: $179.79 B Vol. 24h: $4.23 B rallied all the way to $2.84 extending its weekly gains by 100% and its market cap crossing $150 billion. A strong push coming from XRP whales has supported this mega rally to price levels last seen in 2018.
The XRP price rally kickstarted following Donald Trump‘s victory last month, thereby recording over 430% gains so far. There’s a growing optimism that Ripple will settle its SEC lawsuit during Donald Trump’s administration.
Ripple whales have significantly increased their holdings, purchasing an additional 160 million XRP over the weekend, valued at approximately $380 million. This surge in activity comes as wallets holding between 1 million and 10 million XRP have collectively accumulated 679.1 million tokens, worth around $1.66 billion, in just the past three weeks.
Furthermore, the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the cryptocurrency’s more than eight-year history, reported Santiment.
Courtesy: Santiment
As per the data from CryptoQuant, large holders and XRP whales are fueling the rally. Over the last month, the whale activity remained elevated which was multiple times higher than any other period.
However, whales could be preparing for some profit-booking per the on-chain data. As per the below chart from CryptoQuant, the whale-to-exchange transactions have surged significantly. CryptoQuant’s contributing analyst Woominkyu said:
“Historically, significant spikes in whale-to-exchange transactions (marked by red circles) align closely with XRP price peaks. This suggests that whales tend to move large amounts of XRP to exchanges to sell near local or cycle tops. The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3. This could indicate whales preparing for potential profit-taking or increased market activity.”
Courtesy: CryptoQuant
The XRPUSD trading pair is showing a breakout from the symmetrical triangle pattern, similar to the last seen during 2017’s parabolic bull run, wherein it surged all the way to its all-time high of $3.55. In 2024 this year, the XRP price is giving a similar breakout following a consolidation in the triangle structure over the past three years.
Courtesy: TradingView
The recent breakout has pushed XRP price past important Fibonacci levels, including 0.236 ($0.96), 0.382 ($1.46), and 0.618 ($2.25). This movement mirrors the 2017 triangle breakout, which led to a rise to the 1.618 Fibonacci level of $0.06.
Crypto market analysts continue to give much higher price targets for the Ripple altcoin for the next year of 2025. Independent cryptocurrency trader Jacob Canfield believes that XRP could surge another 100% from its previous all-time high. He used Fibonacci extensions and compared XRP’s performance to Bitcoin’s 2017 rally, noting that Bitcoin’s current price BTC $104 796 24h volatility: 0.9% Market cap: $2.08 T Vol. 24h: $38.60 B is about five times higher than XRP’s all-time high of $3.55 in early 2018.
Courtesy: Jacob Canfield
“If we use Canfield Fibonacci extensions to give us an idea of where this move may take us, it would be at the 11.09 fib extension. This would put the price around $6.60, exactly 2X the value of it’s previous high. I think this is probably the ideal *FOMO* target and would stop thinking double digits or higher and is very logical,” crypto analyst Canfield said.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.