TL;DR
- Whales have acquired over 140 million XRP tokens in the last week, valued at approximately $84 million, suggesting strong confidence in its future.
- Analyst Armando Pantoja predicts that the cryptocurrency could reach $0.8, provided it surpasses the resistance between $0.70 and $0.75.
- There is speculation about the outcome of the lawsuit between Ripple and the SEC, with a possible resolution on July 25.
In recent days, the cryptocurrency market has been closely watching the activity around XRP, which suggests a possible rebound after months of consolidation. The investor community is focused on whether the token will maintain its valuation above the $0.60 mark, an important psychological level.
On-chain data reveals a considerable increase in transactions made by whales. According to crypto analyst Ali Martinez, whales have acquired over 140 million XRP tokens in the last week, valued at approximately $84 million. This trend suggests strong confidence among large investors in Ripple’s future performance. The correlation between whale activity and XRP’s price movement reinforces the idea that these acquisitions could precede a significant rise in the token’s price.
In the last week, whales bought over 140 million $XRP, valued at approximately $84 million! pic.twitter.com/s22yK8wlZS
— Ali (@ali_charts) July 23, 2024
Analyst Armando Pantoja has pointed out that since the beginning of June, investors have accumulated approximately 250 million Ripple tokens. Pantoja predicts that Ripple’s token could reach $0.8, provided it surpasses the resistance between $0.70 and $0.75. His optimistic outlook is based on the analysis of accumulations and the bullish trend that has been shown.
Ripple (XRP) and the SEC Could Resolve Their Conflict in the Coming Days
The increase in tokens price has also coincided with speculation about the possible outcome of the prolonged lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). Ripple’s CEO, Brad Garlinghouse, has hinted that the legal conflict could be resolved in a private meeting with the SEC scheduled for July 25. Garlinghouse has firmly maintained that XRP is not a security and has accused the SEC, led by Gary Gensler, of acting in bad faith throughout the process.
Despite these developments, XRP has experienced a slight decline, trading at $0.59 with daily losses of more than 1.5%. However, on the weekly chart, it has maintained gains close to 4%, forming higher highs and higher lows, indicating a bullish trend. If the positive momentum continues, it could extend its gains and reach $0.70 in the short term.
The recent whale activity and the possible resolution of Ripple’s case with the SEC are generating positive expectations around the token. Investors remain attentive to these developments, which could significantly influence the token’s price in the coming weeks.
