XRP Price Poised for 20% Rally as Whales Buy 60M Tokens
Amidst the ongoing market uncertainty, XRP is a local token for Ripple Labs, and crypto helping enthusiasts seem to have attracted significant attention from crypto enthusiasts after the formation of bullish price action.
Whale buys 60 million XRP tokens
Today, on February 17, 2025, a well-known crypto expert shared an article on X (formerly Twitter) that pointed out that crypto whales have purchased 60 million XRP tokens in the past 24 hours.
The Whale’s massive purchase has no effect on the price of XRP, as it currently trades close to $2.70 and has witnessed a 1% drop in the past 24 hours. However, during the same period, bullish price action attracted significant participation from traders and investors, resulting in a 22% increase in trading volume.
XRP technical analysis and key levels
According to expert technical analysis, XRP formed a bullish cup and handle pattern over a four-hour time frame and is currently on the verge of a breakthrough. Based on this model, if XRP bursts out and closes four-hour candles over $2.80, it is likely to soar 20% to $3.20 in the near future.
Currently, the asset is finding support at the price of 200 exponential moving averages (EMA) over a four-hour timeframe, indicating it is in an uptrend.
Traders see the point
As reported by the analysis company Small shop.
At press time, traders holding long positions were highly dominant, putting them on a $28 million long position for $2.62. Meanwhile, $2.73 is another over-level, where traders who hold short positions accumulate short positions worth $12.66 million.
These on-chain metrics suggest that the Bulls are back to support the assets and that a significant price rebound is likely to occur soon.
