Key Takeaways:
An unusual transaction of 31.1 million XRP tokens worth approximately $15.8 million has caught the attention of the XRP community. The transaction was from an unidentified wallet to the crypto exchange Bitso. This transaction is linked to the Ripples’ ongoing legal battle with the US Securities and Exchange Commission(SEC).
XRP Whale Dumps 31 Million Coins
The blockchain tracking service Whale Alert signaled this large transfer in the middle of increased market activity and speculation around the future of Ripple. Such a large amount of XRP transferred into an exchange wallet is a sign of an upcoming sale that may cause downward pressure on the XRP’s price.
This transaction occurred in the middle of a recent court order in which The US court ordered Ripple Labs CEO Brad Garlinghouse and the other parties to find an alternative solution before the further advancement of the case. The court ordered to file a voluntary dismissal of the remaining claim to avoid prejudice. The court is directed to file an amended proposed order or they can file a notice stating that they are not ready for that settlement. This order is passed as a response to the final judgment request on the class action claims of security law violations made by Ripple.
According to Ergag Cryptos analysis shared on the social media platform X, the XRP is about to boom. He observed a symmetrical triangle pattern on the XRP price chart that usually forms in association with impending volatility. The asset price narrows to the convergence point in this type of formation.
Ergag Cypto’s analysis states that he has identified a break-out target of $0.5930. Which is a higher value compared to the trading price of approximately $0.5183.If XRP could break this limit the next resistance level will be $1.5000. Then there is a further potential to climb up to $7.5000.This rise would be a 1,347% increase from its current level.
Grayscale Receives Acknowledgment from US SEC
In the middle of these legal proceedings, there is an increased interest in the potential approval of an XRP-focused exchange-traded Fund(ETF).
The US Securities and Exchange Commission has formally acknowledged the application of Grayscale to convert its Digital Large Cap Fund(GDLC) into an ETF. This includes access to Ripple tokens, Bitcoin, Ethereum, etc.
As the Ripple token is included in the Grayscale ETF Institutional investors can now get regulated access to XRP if the conversion is allowed by the Securities and Exchange Commission. Ripple CEO has consistently expressed his confidence that XRP ETF is inevitable as Bitcoin and Etherium also launched ETFs.
XRP price reaches near support level
XRP prices have been fluctuating near the critical support level of $0.50. The recent whale movement created concerns over its potential viability. As per the technical analysis of XRP, it showed an inverse head and shoulders pattern in the 4-hour chart, which is usually an indication of the reverse bullish trend. If the Ripple token can hold above the support level of $0.50 and break the neckline around $0.58, then it could be considered as a reversal in trend.
According to the Chaikin Money Flow indicator which is in the neutral level as an indication of limited buying pressure. The Relative Strength Index (RSI) is near the oversold region indicating the recent downward pressure of the assets. The sustained recovery of XRP can be achieved by increasing buying interest in the middle of these ongoing legal uncertainties and whale activity.
The company’s long-term vision for the XRPL network involves integrating multi-chain web3 projects as well as the launch of a smart contract by the year 2025. XRP’s technical performance along with the increasing Whale activity and ripple strategic development with the XRPL network suggest that the cryptocurrency could be on the verge of a major breakout. As the price ranges near the critical levels, XRP is well-equipped to capitalize on its future bullish momentum.
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