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    Whales shift nearly 1B XRP amid signs of a new all-time high

    XRP Price Chart

    The cryptocurrency market is buzzing with anticipation as XRP price shows signs of a major bullish breakout.

    The excitement is fueled not only by technical patterns but also by substantial whale activity and ongoing legal developments.

    Whale activity sparks speculation

    Between January 1 and January 9, over 748 million XRP tokens were moved by whales according to the reports made by Whale Alert on X.

    These transfers have caught the eyes of many in the crypto community, hinting at potential price volatility or a major shift in the XRP landscape.

    Historically, these large transactions have preceded notable shifts in price, either as accumulation for a future surge or preparation for significant sell-offs.

    In this case, the community is leaning towards optimism, with analysts suggesting that this could be the prelude to double-digit gains for XRP.

    Notably, the timing of this whale activity coincides with the identification of bullish XRP price chart patterns and key developments in Ripple’s legal battle with the US Securities and Exchange Commission (SEC), adding to the speculation.

    Bullish XRP price patterns identified by analysts

    Amid the increased whale activity, technical analysts have been watching the XRP price closely, and recent price action has formed what’s known as a “Megaphone Bottom” pattern.

    This pattern, identified by “EGRAG Crypto”, is rare and has a historical win rate of over 70% for predicting upward trends.

    If this pattern holds, EGRAG Crypto predicts that XRP could reach a new all-time high (ATH) of $8.

    This forecast is grounded in the historical performance of cryptocurrencies following similar patterns, offering a beacon of hope for XRP investors.

    Moreover, XRP price has broken out of a symmetrical triangle, a chart pattern that typically signals a continuation in the direction of the breakout.

    This breakout above the upper trendline of the triangle has been interpreted by traders as a bullish sign, setting a target price of $4 according to crypto analyst “World Of Charts”, suggesting that XRP could see a 60% increase in the coming days, aligning with the bullish sentiment fueled by other technical indicators

    The optimism isn’t just about chart patterns and legal battles; it’s also about the broader narrative surrounding XRP.

    Crypto trader “Dark Defender” has noted that XRP is now in the final stages of its “throwback” after breaking the triangle pattern, predicting a new ATH soon.

    The community’s morale has been further uplifted by Ripple CEO Brad Garlinghouse’s recent meeting with US President-elect Donald Trump, interpreted as a positive signal for XRP’s future regulatory landscape.

    Market analysts alert as the SEC case unfolds

    The backdrop to these technical signals is the ongoing legal tussle between Ripple Labs and the US Securities and Exchange Commission (SEC).

    With a crucial deadline on January 15, 2025, for the SEC to file its appeal brief, the outcome of this case could dramatically impact XRP’s valuation.

    Recent developments, including a ruling to seal certain documents related to Ripple’s summary judgment motion, have already stirred positive sentiment among investors.

    Though promising, the legal landscape remains uncertain, especially with key SEC figures like Chair Gary Gensler and Commissioner Caroline Crenshaw set to resign, potentially paving the way for a more crypto-friendly stance under new appointees like Paul Atkins, known for his pro-crypto views.

    Market analysts and the XRP community are watching these developments closely, as they could significantly influence the regulatory environment for XRP.

    The post Whales shift nearly 1B XRP amid signs of a new all-time high appeared first on Invezz

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