Imminent breakout? XRP whales go on $30 million buying spree in 24 hours
Imminent breakout? XRP whales go on $30 million buying spree in 24 hours 
Cryptocurrency Aug 27, 2024 Share
XRP is witnessing an increase in whale activity as the token struggles to break past the $0.60 resistance.
Indeed, crypto analyst Ali Martinez highlighted the large-scale buying spree in an X post on August 27, noting that whales had accumulated over 50 million XRP tokens within the past 24 hours.
The purchase, valued at approximately $29.5 million, could signal a potential XRP price breakout. The data highlighted a surge in whale activity, specifically among those holding between 1,000,000 and 10,000,000 XRP coins.
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XRP whale activity chart. Source: Santiment/Ali_charts
While XRP’s price has fluctuated, recent whale activity suggests that these major players might be positioning themselves ahead of a potential rally. Whale transactions often precede major market movements, and this sudden influx of capital into XRP could be a precursor to a breakout.
XRP’s price next target
Regarding the next possible XRP price movement, crypto analyst Brett noted in an X post that the token’s investors should be prepared for the next big move.
According to the expert, XRP’s trading at around $0.59 presents a pivotal moment, considering that the cryptocurrency has been consolidating near this level. The analysis noted that if the token breaks through the critical $0.64 resistance, it could be on the brink of a monumental rally.
Historically, similar consolidation setups have preceded explosive breakouts, notably when XRP surged to its previous all-time high of $3.84 with a market cap of almost $120 billion.
XRP price analysis chart. Source: TradingView
This time, the stakes are higher. If XRP successfully breaches the $0.64 mark, the analyst believes it could skyrocket to as high as $50. The pattern in play is not unfamiliar, and if history is any guide, the potential for a massive upward surge is real.
“Right now, XRP is hovering around $0.59, but here’s where things get exciting. If it manages to smash through the $0.64 resistance, we could be looking at a skyrocket to $50,” the expert said.
Meanwhile, if the expert’s projection of a $50 target for XRP comes to fruition, it would result in a market cap of $2.76 trillion. Notably, this figure surpasses the current market cap of the entire crypto space and would likely position XRP as the largest cryptocurrency, assuming minimal gains for Bitcoin (BTC). In comparison to the traditional finance sector, XRP would rank as the fourth-largest asset if there is also minimal growth in that space.
In the meantime, XRP remains in limbo due to ongoing concerns around the legal case between Ripple and the Securities and Exchange Commission (SEC). Although XRP won the legal clarity of not being declared a security, concerns remain that the regulator might appeal the decision, a factor that could potentially delay any upward trajectory.
XRP price analysis
As of press time, XRP was trading at $0.58, having corrected about 1.5% in the last 24 hours. On the weekly chart, the token is down 3%.
XRP seven-day price chart. Source: Finbold
In summary, although XRP rallied after the favorable legal ruling, the token must reclaim the $0.60 resistance for any chance to rally.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
