Coinspeaker
Ripple Labs-backed XRP on Cusp of Major Bullish Breakout Fueled by Rising Whale Activity
Amid the ongoing Bitcoin BTC $60 893 24h volatility: 5.3% Market cap: $1.20 T Vol. 24h: $30.13 B led crypto consolidation, Ripple Labs’ XRP XRP $0.59 24h volatility: 4.6% Market cap: $33.47 B Vol. 24h: $1.30 B price has been hovering in the apex of a macro triangular consolidation, signaling an imminent breakout on the horizon. The large-cap altcoin, with a fully diluted valuation of about $58 billion and a daily average traded volume of around $1.2 billion, rebounded from a crucial support level of around 51 cents and has since risen to trade at about $0.584 on Tuesday, during the early New York session.
From a technical standpoint, XRP price in the weekly time frame has consistently closed above the 50 Relative Strength Index (RSI).
Additionally, the altcoin has consistently closed above the weekly 50 Moving Average (MA) and is currently aiming to break through the macro falling logarithmic resistance, which has persisted since mid-2021.
A successful close above the macro falling logarithmic resistance will propel XRP price against the U.S. dollar towards the next key milestone of around 73 cents, which coincides with the daily 1.618 Fibonacci Retracement.
The XRP price bullish sentiment is also bolstered by a potential inverted weekly head and shoulders (H&S) pattern coupled with a rising divergence on the RSI.
According to a popular crypto analyst alias MikyBull Crypto, XRP price is about to print a similar bull run to the 2017 cycle.
It's one of the most bullish macro charts out there. pic.twitter.com/GESfgDsF6v
— Mikybull 🐂Crypto (@MikybullCrypto) September 17, 2024
XRP Whales on the Move
Following the recent closure of the SEC vs Ripple case, which saw the blockchain payment company compelled to pay a fine of around $125 million for illegally raising funds via selling XRP to institutional investors, the XRPL network has continued to register heightened on-chain activities from whale investors.
In the past few days, several large transactions involving XRP were deposited in different exchanges led by Upbit, Bitso, Bitstamp, and Binance. Earlier today, around 50 million XRP units, worth about $29 million, were moved from Chris Larsen, co-founder and the executive chairman of Ripple, to an unknown address.
🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallethttps://t.co/D9iopMqePM
— Whale Alert (@whale_alert) September 16, 2024
With Ripple unlocking 1 billion XRP units on a monthly basis, the secondary market has suffered bearish sentiment, as investors flee to other deflationary crypto projects.
Ecosystem Growth
In its defense, Ripple has repeatedly reiterated that XRP monthly sales are vital to its ecosystem growth and profitability. Already, Ripple has embarked on a path to build the XRP network to support multi-chain Web3 projects seamlessly.
As Coinspeaker recently explained, Ripple intends to roll out a programmable smart contract on the XRPL network by 2025 to run concurrently with the XRPL EVM Sidechain.
Additionally, the company has developed an XRPL native DEX in preparation for the highly anticipated fiat-backed stablecoins to enable its cross-border operations.
Ripple Labs-backed XRP on Cusp of Major Bullish Breakout Fueled by Rising Whale Activity
