XRP price appears to be on the verge of a bullish breakout following key whale activity and positive legal developments. A transfer of 30 million XRP (approximately $76.1 million) from Upbit to an unknown wallet has captured market attention, indicating heightened activity among large holders.
This comes as analysts and the crypto community closely monitor ongoing developments in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), along with the imminent January 15 deadline for the agency’s appeal-related filing.
XRP Price Eyes New ATH As Whales Move $76.1M
In a recent report from Whale Alert, 30 million XRP worth $76.1 million was moved from Upbit, a South Korea exchange, to an unknown wallet. Such large transactions are often viewed as potential precursors to price volatility.
Some of the analysts have noted that whales are known to make large movements that can be interpreted as either accumulation or preparation for large transactions. In the past, such transactions have been linked with the changes in the XRP price trend some analysts have forecasted that the currency may rise by double digits.
EGRAG Crypto, a renowned market analyst, in a recent move pointed out that XRP is displaying a rare “Megaphone Bottom” formation that may indicate an upward trend. At the moment, this technical formation has a win rate of above 70%, and the analyst is predicting an ATH of $8 if it happens.
XRP Breaks Out of Symmetrical Triangle
The XRP price recently emerged from a symmetrical triangle pattern, which is a bullish signal, meaning that the price may rise to $4. The symmetrical triangles are formed when price action converges and forms a triangle where the tops and bottoms converge to form the triangle. A breakout above the upper trendline is generally taken as a positive sign by the traders aligning a recent XRP price predition.
According to market analyst World of Charts, XRP price could increase by 60% in the coming days if it breaks out. Using the maximum height of the triangle on the breakout point sets the first target at $4.
This surge is inline with the legal fight of Ripple which has still been on the rise, thus positively influencing the market. Some of the latest developments such as a ruling that certain documents submitted in connection with Ripple’s summary judgment motion should be sealed have also boosted investors’ confidence.
SEC Deadline Approaches Amid Legal Uncertainty
The SEC has until January 15 to submit its brief on the merits of the appeal regarding Judge Analisa Torres’s decision in the Ripple case. This comes after the agency filed its Notice of Appeal in October 2023 regarding the ruling that the normal sales of XRP are not securities under the Howey Test.
Lawyers have noted that this is not unusual for filings to be submitted on the last day. According to Marc Fagel, a retired securities lawyer,
“In thirty years of litigation, I would estimate that I have seen a lawyer file a brief before it was due once or twice.”
However, it is still unclear if the SEC will continue the appeal to the next administration. SEC Chair Gary Gensler and Commissioner Caroline Crenshaw are to resign on January 20, and former Commissioner Paul Atkins, who is known to be pro-crypto, could join the commission which may change the agency’s stance on the Ripple case.
Market Analysts Remain Optimistic
Analysts remain optimistic about XRP price potential, citing legal developments and bullish chart patterns.
Crypto trader “Dark Defender” pointed out that XRP price is now in the final stages of its “throwback” after breaking a triangle pattern. He predicted that there is high possibility through which the cryptocurrency may hit a new ATH of $4.4 within the next few days.
Concurrently, the XRP community is also focused on Ripple’s leadership, including the recent meetings between Ripple CEO Brad Garlinghouse and U.S. President-elect Donald Trump. Although specific information has not been provided, many in the community see these contacts as a positive sign which which may set ground for an XRP price breakout.
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