XRP remained subdued on Friday, even as other crypto assets surged ahead, led by Bitcoin’s impressive 9% rebound over the past week. At press time, the seventh-largest crypto asset by market capitalization was trading at $0.58, reflecting a modest gain of only 4% during the same timeframe.
However, beneath this calm surface, significant activity among XRP whales suggests that important developments may be brewing.
In a tweet, popular crypto analyst Ali Martinez highlighted that in the past ten days, Ripple whales have accumulated over 380 million XRP, valued at approximately $228 million, according to data from the analytics platform Santiment.
Notably, this uptick in whale activity follows other big transactions earlier this month, including a 105 million XRP transfer between unknown wallets, valued at $58.2 million.
Additionally, recently, Whale Alert reported a significant transfer of nearly 200 million XRP in two transactions between unknown wallets. The first transfer saw 100 million tokens moved, followed by another 94.33 million XRP worth approximately $53.66 million just 10 hours later.
Notably, such whale transfers are often interpreted as bullish indicators, suggesting that these investors are moving coins into long-term storage, which is good for price.
That said, the recent surge in whale activity appears to be linked to broader regulatory shifts, particularly the potential conclusion of the XRP lawsuit. On September 14, the U.S. Securities and Exchange Commission (SEC) clarified its stance on classifying cryptocurrencies, stating that it evaluates the full range of contracts and expectations related to asset sales rather than labeling specific tokens as securities. This clarification has sparked discussions in the XRP community, with some interpreting it as a positive signal for the crypto asset.
Technical analysts are also optimistic. Analyst Jaydee highlighted a six-and-a-half-year symmetrical triangle pattern in XRP’s price chart, suggesting a potential breakout is on the horizon. He noted that the Bollinger Bands had tightened significantly, indicating a period of consolidation that often precedes significant price movements, just like before the 2017 and 2021 mega bull runs.
“Last time it was this thin, it surged 650 times!” he wrote, setting his target as high as $7.
Elsewhere, analyst Egrag Crypto predicted a potential rise to between $27 and $33 based on the Elliot wave analysis. He emphasized that XRP’s trajectory could surpass Bitcoin and Ethereum in the upcoming market cycle, making it a focal point for investors.
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