XRP Price Soars 14% Following Massive Transfer – Can the Bulls Hit $3?
Highlights:
- XRP jumped 14% to $2.41 with a 147% spike in volume.
- 500 million XRP worth $1.07 billion moved, likely from Ripple’s escrow.
- 300 million XRP transferred to Bithumb, indicating profit-taking.
The XRP price has soared 14% in the last 24 hours to trade at $2.41 as of 5 a.m. EST on a 147% pump in trading volume to $9.6 billion. This jump in price comes after Whale Alert tracked the transfer of 500 million XRP on January 1, 2025, worth more than $1.07 billion.
The transaction transferred XRP from one unknown blockchain address to another by Ripple’s standard practice of unlocking large amounts of XRP from escrow at the beginning of every month.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (1,070,455,137 USD) unlocked from escrow at unknown wallethttps://t.co/3GCjVkzkpQ
— Whale Alert (@whale_alert) January 1, 2025
However, it is not known if this transfer is about the usual monthly release seen with Ripple since it was the only large transaction observed this time. Aside from this, another 300 million XRP worth about $649 million was also transferred to the South Korean exchange Bithumb.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (649,772,203 USD) transferred from unknown wallet to #Ripplehttps://t.co/6tJSzShjgt
— Whale Alert (@whale_alert) January 1, 2025
This indicates that many traders are in profits, transferring large amounts of XRP and other cryptocurrencies to exchanges for selling. These recent activities follow the massive price rally of XRP that saw it surge from $0.60 in December to nearly $3 earlier this month.
XRP Statistics
- XRP price: $2.41
- Market capitalization: $137 billion
- Trading volume: $9.6 billion
- Circulating supply: 57 billion
- Total supply: 100 billion
XRP Price Rebounds on Strong Support Zone
The XRP/USD 15-minute chart contains a solid bullish bias validated by fundamental technical indicators and patterns. The price has been developing around a visibly outlined up-trending channel in blue, with the breakout of a prior phase of consolidation serving as the catalyst that initiated an upside movement.
Moreover, the formation of the bullish pennant pattern signals the further continuation of this trend. A rally could happen once the price breaks above the pennant, with any eventual upside target derived from the height of the pennant.
The bias is support by moving averages. The 50-period SMA has already moved higher and continues to act as dynamic support, while the 200-period MA lies well below the price and trends upward- a sign of sustained buying pressure.
Equally indicative is the momentum through the indicators. The MACD – the MACD line is above the signal line – shows histogram bars in positive territory to confirm upward pressure.
With its current reading of 59.24, the relative strength index (RSI) indicates moderate upward momentum and the potential to run higher before reaching overbought levels above 70. The current market price of the XRP is $2.39 amidst close support at $2.35. If the support holds well, that could form a solid platform for buyers to board from.
Conversely, a duly confirmed upside breakout from this bullish pennant might set up an uptick to target higher levels at $3 drawn from the height of the preceding pattern. The chart makes a healthy case for continuing a decent bullish run: if there is support from essential support lines and the breakout is accordingly validated further.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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