Ripple‘s XRP has been one of the hottest cryptos in the market thanks to its impressive price performance, especially after US President Donald Trump’s reelection.
Trading below $1 for most of 2024, XRP hits its stride days after the November elections, breaking the $1 level on November 6th, and the $2 barrier by December 2nd, then surging past $3.30 on January 18th.
Now, Ripple is back in the news for moving 200 million XRPs valued at around $457 million. This massive transfer, often associated with “whale transactions,” caught the attention of many and has led many to speculate.
Is The SEC-Ripple Case Nearing Its Settlement？
The latest XRP transfer caught the attention of Whale Alert (@whale_alert) and was promptly re-circulated on the popular platform. Interestingly, Ripple regularly transfers XRPs, including its scheduled release of 1 billion XRP monthly from its escrow to sustain the tokens circulation.
Although the majority of Ripples transactions are routine, this recent transaction gained some attention for its size and timing.
Market Waiting For Decision On SEC Vs. Ripple
Ripple‘s latest huge asset transfer comes when the SEC’s case against Ripple is nearing its settlement. According to some reliable sources, the delay in the case‘s resolution is caused by Ripple’s efforts to negotiate a favorable settlement.
One controversial issue in the case is the August district court ruling, which fined Ripple $125 million and restricted the company from selling its native token to institutional buyers.
XRPs Price Roadmap
As Ripple continues its negotiations with the SEC, investors and traders actively watch the tokens market performance. According to some analysts, the token has already completed its price correction using a four-hour time frame.
There are plenty of price predictions for XRP, with some commentators saying it can initially hit $2.42 before making a run. Once XRPs price emerges from the “Ichimoku clouds”, it is expected to hit higher highs.
Currently, the token‘s support is at $2.04 and $2.22, and many expect XRP to face short-term volatility. However, the token’s biggest push will come from a favorable resolution of its SEC case and if it happens, analysts expect the price to reach $4.25, or even $5.80.
Featured image from Newsbit, chart from TradingView
