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XRP price is consolidating at $0.60 as of Jan. 12, up 12% within the daily timeframe, but whale investors’ reaction to Ripple Lab’s recent buy-back signals more upside.&nbsp; 
XRP reclaimed the $0.62 territory in the late hours of Jan. 10. The price rally came after the <a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">Ripple</a> team unveiled plans to buy back $285 million worth of the parent company’s shares at a valuation of $11 billion.&nbsp; 
On-chain data reveals a steady growth in the spate of whale transactions on the XRP ledger network since the buy-back was announced on Jan. 10.&nbsp; 
<h2 class="wp-block-heading" id="xrp-whales-hit-2024-second-highest-transactions">XRP whales hit 2024 second-highest transactions</h2> 
XRP price has delivered a substantial growth performance this week, scoring a 10% growth performance between Jan. 7 and Jan. 12. The rally has been partly attributed to the significant buy-back plans revealed by the sixth largest cryptocurrency’s parent company, Ripple Labs. 
 You might also like: <a href="https://crypto.news/ripple-labs-plans-to-repurchase-285m-stake-in-tender-offer/"> Ripple Labs plans to repurchase $285m stake in tender offer </a> 
Initial market reaction to the news of Ripple’s buy-back plans saw XRP price reclaim the $0.61 mark for the first time since the widespread liquidations that rocked the crypto markets on Jan. 3.&nbsp; 
Looking beyond the price charts, on-chain movements from whale investors in response to the buy-back news signals that more upside could follow.&nbsp; 
Santiment’s whale transaction count metric tracks real-time changes in whale investors’ trading activity by aggregating the number of confirmed transactions that exceed $100,000 daily.&nbsp; 
The latest reading shows that the XRP ledger network recorded 1,235 Whale transactions on Jan. 11, up 190% from the 427 recorded on Jan. 6. Notably, the Jan. 11 figure represents the second-highest whale transaction count for 2024, behind the 1,462 recorded on Jan. 3.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="695" src="https://crypto.news/app/uploads/2024/01/image-40.png" alt="Ripple (XRP) Whale Transaction vs. Price" class="wp-image-14237690">
 <figcaption class="wp-element-caption">
 Ripple (XRP) Whale Transaction vs. Price | <a href="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-12-16T00%3A00%3A00.000Z&amp;dt=2024-01-11T00%3A00%3A00.000Z&amp;emcg=1&amp;wm=x1%20%2B%20x2%7C1704972826149%3Bprice_usd&amp;wax=0%3B1&amp;wc=%235275FF%3B%2326C953&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D&amp;wcm=%7B%22k%22%3A%22x1%20%2B%20x2%7C1704972826149%22%2C%22exp%22%3A%22x1%20%2B%20x2%22%2C%22l%22%3A%22XRP%20Whale%20Transaction%20Count%22%2C%22bm%22%3A%5B%22whale_transaction_count_1m_usd_to_inf%22%2C%22whale_transaction_count_100k_usd_to_inf%22%5D%7D" target="_blank" rel="noreferrer noopener">Santiment</a>
 </figcaption>
</figure> 
By tracking transactions exceeding $100,000, the whale transaction count metric effectively serves as a proxy for measuring the dominant sentiment among institutional and high-net-worth investors on a blockchain network.&nbsp; 
When there’s a sharp increase in the Whale Transaction count, strategic investors often interpret it as a bullish signal.&nbsp; 
Firstly, it affirms a positive sentiment and high demand for XRP among whale investors in the aftermath of the buy-back news.&nbsp; 
If the whales sustain the buying pressure, it’s only a matter of time before strategic retail traders begin to mirror their trades. This scenario could propel the XRP price toward the $0.70 milestone.&nbsp; 
 You might also like: <a href="https://crypto.news/ripple-labs-plans-to-repurchase-285m-stake-in-tender-offer/"> Ripple Labs plans to repurchase $285m stake in tender offer </a> 
<h2 class="wp-block-heading" id="xrp-price-prediction-the-0-70-target-in-firm-focus">XRP Price Prediction: the $0.70 target in firm focus</h2> 
Considering that XRP price recently breached the $0.62 territory on Jan. 11, the bulls could set their sights higher on an ambitious $0.70 retest on the next rally.&nbsp; 
The parabolic stop and reverse (SAR), a technical indicator to identify potential reversal points, also validates this bullish XRP price prediction. When an asset is trading below the parabolic SAR indicator, it typically suggests a bullish trend in the market.&nbsp; 
At the time of writing on Jan. 12, XRP is trading at $0.59, which is well below the Parabolic SAR dots, pointing toward $0.63. A decisive breakout from that short-term resistance could trigger a major price breakout 
Hence, if traders capitalized on these signals to buy more, XRP could soar towards $0.70, as predicted.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="393" src="https://crypto.news/app/uploads/2024/01/XRPUSD_2024-01-12_14-01-17-1024x393.png" alt="Whales respond to Ripple’s $285m buy-back plan: XRP price rally imminent? - 14" class="wp-image-14237809">
 <figcaption class="wp-element-caption">
 Ripple (XRP) Price Prediction&nbsp; | Source: <a href="https://www.tradingview.com/x/ZzLOacvR/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
Conversely, the bears could invalidate that prediction if they successfully force a downswing below $0.50. However, the bulls will likely mount a major buy wall around the psychological support zone at $0.55. If that support territory holds firm, it could trigger an early rebound.

Whales respond to Ripple’s $285m buy-back plan: XRP price rally imminent?

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