XRP is attracting significant attention in the cryptocurrency market as it shows price movement patterns similar to the explosive phase of 2017, while large transactions with a total value of over 1 billion USD in XRP have been transferred to anonymous wallets. The cryptocurrency community is particularly interested in this development as the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is nearing resolution. Large XRP transfers from financial institutions could create important turning points on the XRP Ledger (XRPL), opening up opportunities for price breakthroughs and initiating a new growth wave in the near future. The article below provides a detailed analysis of recent XRP whale transactions and the price trend outlook in the current market context.
Large whale transactions of XRP and their significance in the cryptocurrency market
In recent days, over 1 billion USD in XRP has been transferred to unidentified wallets, including two notable transactions of 320 million XRP worth approximately 703 million USD and 160 million XRP equivalent to 351 million USD. This indicates an increasing involvement of large institutions in the XRPL ecosystem.
According to recorded data, it is highly likely that the transaction of 320 million XRP originated from SBI VC Trade, a reputable entity in the cryptocurrency financial sector. This is further supported by Ripple's CTO, David Schwartz, commenting that financial institutions are preparing to delve deeper into the XRPL platform.
The massive size of these transactions is clear evidence that significant movements on the XRPL network are about to take place, setting the stage for new developments in trading activities and DeFi related to XRP.
XRP Price Trend Analysis: Repeating the Historical Story of 2017?
The current monthly price chart of XRP is mimicking exactly the price pattern from 2017 with the formation of a symmetrical triangle during the previous consolidation phase. In 2017, after recovering from around 0.30 USD, the price of XRP surged strongly above 3 USD, creating an unprecedented leap.
As of now, XRP is fluctuating around the 2 USD mark, continuing to test the lows in this triangle pattern. If the historical model repeats, the price of XRP could break through and exceed the 2.50 USD threshold, aiming for a long-term target of around 20 USD. However, this upward momentum heavily depends on the ability to close the monthly candle above the critical resistance level.
On the other hand, a breakdown below the important support level of 1.20 USD could invalidate this pattern, leading to the potential for deeper declines. Therefore, price volatility in the near future could be very decisive for the short-term and long-term trend of XRP.
Prospects for recovery and breakout potential in the fourth quarter of 2024
The liquidity heatmap analysis of XRP shows that large liquidity groups are concentrated around the 2.25 USD and above 2.30 USD price areas. These are potential points that could trigger a short squeeze, pushing the price of XRP higher if it surpasses this threshold.
Conversely, if the price action declines to around 2.10 – 2.15 USD, many long positions will be liquidated, increasing selling pressure and leading to negative price volatility. These regions are considered 'liquidity traps', where sudden strong fluctuations can easily occur due to market sentiment and rapid price dynamics.
If XRP can maintain and rise above the 2.25 USD range, the upward momentum will be reinforced by closing large short positions, thus triggering a prolonged price increase similar to the bullish wave in the fourth quarter of 2024. With the potential for price growth after the SEC lawsuit is resolved, XRP is expected to lead the cryptocurrency market in 2025 and initiate a new bull market cycle.
Source: https://tintucbitcoin.com/xrp-co-tai-hien-mo-hinh-2017/
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