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In recent days, XRP has shown signs of a possible breakout after months of consolidation, with investors hoping the token will establish its valuation above the $0.60 mark.
In this regard, several on-chain data points suggest that investors might be anticipating a possible XRP rally following recent price movements.
Particularly, data shared by crypto analyst Ali Martinez in an X post on July 23 indicates that XRP has sustained increased whale transactions over the past week. Notably, whales have purchased over 140 million XRP tokens, valued at approximately $84 million.
The data highlights the growing confidence among large investors in XRP’s future performance. According to the data sourced from Santiment, there is a correlation between whale activity and XRP’s price movement.
The analysis illustrates a pronounced increase in whale holdings coinciding with the upward price trajectory of XRP. This alignment suggests that whale accumulation often precedes significant price movements, indicating potential bullish sentiment in the market.
Martinez’s observation highlights the critical role of whale activity in driving market trends. The recent buying spree could be a precursor to further price increases, as these large holders typically have substantial market influence. Their actions often reflect long-term confidence in the asset, potentially attracting more retail and institutional investors.
XRP targeting $8
On the other hand, analysis by analyst Armando Pantoja adds another perspective. Notably, in an X post on July 21, Pantoja observed that investors had accumulated approximately 250 million XRP tokens since the start of June.
In this line, the expert noted that XRP could rise to $8 while urging investors to look out for the $0.70 – $0.75 resistance level.
Indeed, XRP’s recovery saw the token trade above the critical psychological level of $0.60 for most of the past week. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%.
Notably, the recent gains have coincided with increasing speculation regarding the end of the lawsuit between Ripple and the Securities Exchange Commission (SEC). Ripple CEO Brad Garlinghouse hinted that the company’s long legal battle could settle during a private meeting with the SEC on July 25. Throughout the lawsuit, Garlinghouse maintained that XRP is not a security and accused the SEC, through Chair Gary Gensler, of acting in bad faith.
XRP price analysis
By press time, XRP was trading at $0.59 with daily losses of over 3%. On the weekly chart, the altcoin has maintained gains of almost 10%.
Overall, XRP is currently in an upward trend, forming higher highs and higher lows. If the positive momentum is sustained, XRP could extend its gains and hit $0.70.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.