2024

when

<ul>
 <li>Recent on-chain activity shows large XRP transactions, possibly indicating increased interest from investors.</li>
 <li>XRP’s price chart has improved, breaking key technical levels and invalidating a long downtrend.</li>
 <li>A favorable outcome in the SEC lawsuit could further boost XRP’s prospects, but support at 58 cents needs to hold against bearish sentiment.</li>
</ul>
<p><a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, the native token of the Ripple blockchain, has endured a turbulent multi-year stretch amidst ongoing legal issues and crypto market volatility. However, recent on-chain activity and price metrics suggest the tide could be turning for the prominent but controversial cryptocurrency.</p>
<p>In the last few days, data trackers have spotted a flurry of large XRP transactions moving between wallets and exchanges. Several transfers of over 300 million coins worth upwards of $187 million have been executed, mainly originating from the top exchange Binance.</p>
<p>While Binance has noted that some maintenance could be behind the big Ripple shuffling, whale movement nonetheless seems pronounced recently. That often signals heightened interest in an asset from deep-pocketed investors.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 300,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (187,134,686 USD) transferred from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> to unknown wallet<a href="https://t.co/n6uoHsu3BZ" rel="noopener noreferrer nofollow">https://t.co/n6uoHsu3BZ</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1766024121635213448?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-xrp-price-chart-strengthens">XRP price chart strengthens</h2>
<p>At the same time, XRP’s price chart has strengthened after closing decisively above several key technical levels last week. Most notably, XRP invalidated a long-running downtrend dating back to early 2022, when its legal troubles began heating up.</p>
<p>With bulls now in control and momentum shifting positive, the path looks clear for XRP to challenge stiff resistance around the 68 to 73 cent zone. That also aligns with crucial Fibonacci extension levels that often demarcate where crypto assets peak or bottom out.</p>
<p>Breaching above 70 cents would be psychologically significant for XRP as well, opening the door for a continued rally back towards its all-time high around $1.90. Securing a favorable judgment in its court case with the SEC would also massively boost XRP’s investment appeal and upside price outlook.</p>
<p>Of course, if bearish sentiment returns in force, support around 58 cents must hold to maintain this newly bullish posture. But between reinvigorated on-chain metrics and an improving technical picture, the stage seems set for the long-beleaguered XRP token to leave its struggles behind it.</p>
<p>With speculative interest heating up and market dynamics shifting in its favor, XRP appears ready to reassert itself as a top 10 crypto asset once again. The coming weeks should determine whether its stretch of positive momentum has true staying power.</p>

Ripple Whales Loading Up, XRP Outlook Looks Bullish

Table of Contents

TheNewsCrypto

Other articles published on Mar 9, 2024

Jito Tip Revenue on Solana Reaches New High of 9.32K SOL: Report

Sam Altman is Back in Business: A Tale of Quick Firing and Hiring

XRP Price To Hit ATH In 2024 As SEC Plans No Appeal On XRP’s Status Ruling

Crypto Expert Says Dogecoin, Shiba Inu, PEPE, Others Are About To Explode

Mark Cuban Defends Cryptocurrencies

UK economy defies expectations, shows surprising resilience

Join our free newsletter for daily crypto updates!