Can XRP 50x? Whale Buys Big Amid SEC Settlement Hopes

Key Notes

• Whale accumulation of over 880 million XRP in the past month highlights heightened investor interest, setting the stage for a potential rally.
• If history repeats, XRP could rise above the 2.618 Fibonacci level, potentially exceeding $123.
• The SEC and Ripple Labs are moving toward resolving their long-standing legal battle, with the SEC requesting to lift an injunction.

Following the US Securities and Exchange Commission (SEC) filing a settlement agreement, XRP

XRP $2.22

24h volatility: 0.8%

Market cap: $129.99 B

Vol. 24h: $2.17 B

price has surged 10%, moving all the way to $2.4, with daily trading volumes surging 23% to more than $5.5 billion. Market analysts point out heavy whale accumulation for the XRP cryptocurrency, which could set the stage for a further rally.

Xrp price could be preparing for a 50x rally

Prominent crypto analyst Ali Martinez has revealed that whales have significantly increased their holdings of XRP. Over the past month, large-scale investors have accumulated more than 880 million XRP, underscoring heightened interest. This surge in whale activity aligns with broader bullish sentiment in the cryptocurrency market.

Crypto analyst Javon Marks has drawn comparisons between XRP’s 2017 price breakout and its current market structure. In 2017, XRP exited a pennant pattern and surged past the 2.618 Fibonacci level, reaching approximately $2.13.

Related article: Analysts Bullish on XRP, Price to Surpass $2.7 Soon?Marks further noted that in late 2024, XRP broke out of a similar but significantly larger pennant pattern. Thus, he added that if XRP follows its historical trajectory and reaches the 2.618 Fibonacci level again, it could result in a price exceeding $123.

Such a move would represent a more than 50x increase from current levels, highlighting the immense potential some analysts see for XRP in the coming months.

Key developments in the ripple lawsuit

The SEC and Ripple Labs have taken a significant step toward resolving their protracted legal dispute. In a recent court filing, the SEC requested an indicative ruling from Judge Analisa Torres as part of its settlement agreement with Ripple.

The SEC’s filing seeks to dissolve the injunction issued against Ripple in the final judgment of the XRP lawsuit. Additionally, the agency has requested the release of the $125 million penalty imposed on Ripple, which is currently held in escrow.

This development marks a pivotal moment in the high-profile case as both parties work toward bringing the litigation to a close. Furthermore, this closing of the lawsuit will also give more fuel to the XRP ETF approval by the SEC by the end of the year.

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