XRP price has been retesting the weekly bullish breakout from the 2022 bear market in the past twelve months, and could possibly continue until the fourth quarter of 2024.
After an impressive rally of more than 50 percent in the last two weeks, Ripple Labs-backed XRP price retreated more than 7 percent in the past 24 hours to trade around 58 cents during the early New York session. XRP price experienced heavy resistance around the 200 weekly Moving Average (MA) after reaching a daily high of about 63 cents.
Rising XRP Whale Activity
The large-cap altcoin, with a fully diluted valuation of about $58 billion and a daily average traded volume of around $3.6 billion, has attracted notable attention from whale investors in the recent past. According to on-chain data provided by Santiment, nearly 52 billion units of XRP are held by whale accounts with more than 100K units.
On-chain data shows that XRP whales accelerated their accumulation rate last August. However, the XRP’s whale accumulation pace reached a peak in July as 85 percent of the total supply is held by wallets with more than 100K units.
In the past two days, several XRP transactions worth more than $250 million have been reported by Whale Alert, with the largest coming from Ripple. In the past 24 hours, four major transactions worth over $50 million were reported as XRP accumulation by whale investors from Binance. Several similar whale transactions were reported from different exchanges led by Upbit, Bitso, and Bitstamp.
🚨 19,000,000 #XRP (10,961,925 USD) transferred from #Upbit to unknown wallethttps://t.co/8m4S8L0cvc
— Whale Alert (@whale_alert) July 18, 2024
Upcoming Lawsuit Resolution
According to Ripple CEO Brad Garlinghouse in the latest interview with Fortune, the resolution of the ongoing Ripple vs SEC case will free XRP holders. Already, the US SEC has in the past requested the presiding judge to issue a fine to Ripple of around $102 million for violating securities laws in the XRP institutional sales.
Furthermore, XRP sales in crypto exchanges were resolved not involving investment contracts, thus not securities. Meanwhile, the US SEC canceled a closed meeting, presumably with Ripple for unknown reasons amid the highly anticipated settlement. The resolution of the Ripple vs SEC case will be a major turning point for the entire altcoin industry.
Moreover, the US SEC has already approved the listing of several spot Ethereum ETFs, with trading expected to begin by next week.
What Next?
The XRP price action is heavily weighed down by the ongoing lawsuit by the US SEC. Although Ripple has diversified its operations in other markets, by more than 90 percent, the approval in the United States is still crucial for its long-term growth prospects.
Hi all, #XRP increased 67.56% from $0.3814 to $0.6378. Based on this move, the 4-hour Time Frame structure update is here.
The ABC wave can take 2 days to complete & can extend to $0.499
Minor resistance at $0.87 before $1.03
I'll make sure to keep you postedHave a great day! pic.twitter.com/kUnPAvtExX
— Dark Defender (@DefendDark) July 18, 2024
According to a popular crypto analyst alias Dark Defender, XRP price could continue dropping toward the support level of around 49 cents before rebounding toward the midterm target of about 87 cents.
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