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The potential closure of the SEC vs. Ripple case and the 341 transactions exceeding $1M on the network have caused XRP’s price to soar.
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XRP could soar by 55% to reach the $4.45 level.
XRP, the native token of Ripple Labs, appears bullish and has successfully confirmed its breakout. On January 11, 2025, XRP broke out of a bullish flag and pole price action pattern. However, due to market uncertainty, it experienced a minor correction but managed to hold above the breakout level of $2.40.
Rising Whales Transactions on XRP Network
However, with significant attention from long-term holders and whales, XRP has breached its strong resistance level of $2.60, which it has been facing since December 7, 2024.
Reason Behind XRP Price Rally
Today, January 15, 2025, a prominent crypto expert posted on X (formerly Twitter) that whale transactions exceeding $1 million on the XRP network have been continuously rising. According to on-chain analytics firm Santiment, these large transactions have occurred over 341 times in the past 24 hours, which might be driving today’s significant price rally.
The number of transactions over $1 million on the $XRP network is on the rise, hitting 341 transactions in the past 24 hours, shows on data from @santimentfeed. pic.twitter.com/a2eHLsitlq
— Ali (@ali_charts) January 15, 2025
Another potential reason behind XRP’s price rally is that the case between the Securities and Exchange Commission (SEC) and Ripple is approaching a conclusion.
XRP Price Action and Upcoming Levels
With these recent developments, XRP appears bullish and is heading toward its all-time high. Based on the recent price action and the breakout of the bullish flag and pole pattern, there is a strong possibility that it could soar by 55% to reach the $4.45 level in the future.
However, this substantial price rally could also be influenced by President-elect Donald Trump’s inauguration, scheduled for January 20, 2025.
At present, the crucial levels are $2.60, a strong support level that XRP needs to maintain if market sentiment changes, and $3, which currently acts as a modest resistance level that could pose a challenge for XRP in its upcoming rally.
Current Price Momentum
The potential closure of the SEC vs. Ripple case and the 341 transactions exceeding $1 million on the XRP network have caused XRP’s price to soar by more than 12% in the past 24 hours. Currently, it is trading near $2.85. These developments have also attracted significant attention from traders and investors, resulting in a 75% surge in trading volume.