XRP has risen over 8% in the last 24 hours, and it has set off bullish momentum in the market. The upsurge follows massive SEC filings in the U.S. of a proposed settlement agreement in its long-standing case against Ripple. This step has come back to refresh investor confidence in the altcoin, taking it closer to key breakout levels. Simultaneously, on-chain data reflects that the Ripple whales are sending out big XRP transfers, fueling speculation of a potential rally.
XRP Price Approaches Breakout Amid SEC Settlement Filing
XRP is gaining upward pressure following the U.S. Securities and Exchange Commission’s (SEC) latest action in its case against Ripple. On May 6, the regulator filed a settlement agreement, bringing the years-long legal battle closer to resolution.
Market reaction was immediate, with XRP jumping 8.2% within 24 hours, according to CoinMarketCap. Trading volume also spiked, indicating heightened interest from both retail and institutional investors. Analysts view the filing as a sign that regulatory uncertainty around XRP may soon clear.
Egrag Crypto, a market analyst, stated on X that XRP must close above the $2.41 to $2.50 range to confirm a bullish breakout. He emphasized that the current level between $2.3 and $2.5 is a critical inflection zone for the asset.
Technical Analysis Suggests Key XRP Levels to Watch
Analyst Egrag Crypto added that a failure to consolidate above $2.3 could trigger a short-term correction. He identified potential downside levels near $1.3 and $1.2 as key areas of support in such a case.
He noted, however, that any pullback may be temporary and present a strong long-term entry point. Egrag reaffirmed his cycle price target of $27 for XRP, citing unchanged macro and technical indicators.
Other analysts, including Dark Defender, have also pointed to XRP’s bullish structure. According to him, the asset’s current setup supports a move to double-digit prices in this market cycle.
Ripple Whales Move $175 Million in Large Transfers
On-chain data from Whale Alert shows that Ripple whales moved over $175 million in XRP within a short span. The largest transfer involved 46.4 million XRP, worth around $106.6 million, between unknown wallets.
Another 29.5 million XRP, valued at $69.5 million, was sent from a private wallet to the Coinbase exchange. Transfers to exchanges typically suggest intent to sell, which can pressure prices. However, broader data suggests accumulation remains strong.
Earlier this week, it was reported that XRP whales moved over $782 million worth of tokens into cold storage wallets. These movements indicate investor interest in holding XRP over the long term.
Analysts Caution Traders as Price Nears Critical Zone
Guru’s are advising that macroeconomic data and regulatory status updates could still shape the direction of the short-term XRP’s price. Egrag referred to upcoming U.S. inflation data and Federal Reserve commentary that could help form the overall market mood for the wider crypto market.
Traders are warned to watch the resistance level ($2.5) scene with caution, after the recent gains. A breakout above this level could confirm the bullish trend and open the door to new highs.
The current value of the Crypto Fear & Greed index reading stands at 65 meaning that we are in the “Greed” zone. This goes in favor of bullish bias, but there also exists a need for caution, especially in a volatile asset such as XRP.
