- Whale Alert flags $1.93B XRP transfer from Binance to unknown wallet, fueling speculation amid Ripple’s legal case.
- SEC’s Ripple appeal deadline, Gensler’s exit, and Crenshaw’s vote fuel XRP demand and price volatility.
- XRP faces resistance at $2.46; Bollinger Bands and RSI show low volatility affecting the market movements.
Whale Alert has noted a transaction that involved 800 million XRP, valued at $1.93 billion, transferred from Binance to an unknown wallet. This movement coincides with heightened activity around Ripple’s ongoing legal case with the SEC, drawing market attention.
However, hopes surrounding the SEC’s potential withdrawal of its Ripple appeal has boosted demand for XRP, leading to price fluctuations. According to the report, the SEC has to submit its appeal-related opening by January 15, a date closely tied to Chair Gary Gensler’s impending departure on January 20, 2025.
Speculation grows that the agency, under its soon-to-be successor Paul Atkins, may alter its stance on the Ripple case. This shift could be influenced by the outcome of Commissioner Caroline Crenshaw’s reappointment vote on Wednesday. Should Republicans secure a majority within the SEC, the chances of withdrawing the appeal may increase.
XRP Price Volatility Amid Legal Uncertainty
Following the Whale transfer, XRP experienced different price swings, starting at $2.4238 and closing slightly lower at $2.401 over the past 24 hours. The asset’s movement featured sharp declines and recoveries.
Additionally, XRP dipped below $2.42 before encountering selling pressure around 8:30 PM, which drove prices to a low of $2.38. This level acted as a key support, triggering strong buying momentum that lifted XRP past $2.44, peaking above $2.46 by 12:30 AM. Despite this bullish recovery, resistance at $2.46 led to a steady retracement, with XRP settling back below $2.42 by 6:30 AM.
Inflows and Outflows Correlate with XRP Price Trends
According to Coinglass, from February through December 16, XRP saw varying inflow and outflow activity, which closely aligned with price changes. Whale Alert showed consistent net outflows from February to mid-November, marked by red dominance and limited inflow spikes. Late November saw shifts, as inflows surged above $200 million in early December, showing heightened demand.
XRP’s price responded by breaking past $1.00 in late October, reaching a peak near $3.19 in early December. Sharp inflow spikes, particularly in November and December, coincided with substantial price increases. However, profit-taking outflows shortly after these peaks caused pullbacks, bringing XRP to its current range of $2.50 to $2.70.
Based on technical analysis, XRP has shown varied movements. The Bollinger Bands indicate low volatility, with XRP trading near its middle band at $2.4075. The resistance level is at $2.48, aligning with the upper Bollinger Band, while support is positioned at $2.33.
The RSI, currently at 50.94, reflects market indecision, and trading volume remains moderate at 32.28 million XRP. A breakout above resistance or a drop below support could define the next direction for the market.