- Ripple’s 300M XRP transfer aligns with legal speculation as SEC’s appeal decision nears January 15, 2025.
- XRP consolidates between $2.20–$2.60, showing strong support despite profit-taking and reduced open interest at $2.07B.
- Narrow Bollinger Bands hint at major price moves ahead, with key resistance at $2.41 and support at $2.23.
According to data from Whale Alert, a substantial movement of 300 million XRP, valued at approximately $682.58 million, was transferred from Ripple to an unknown wallet.
This coincides with intensified activity surrounding Ripple’s ongoing legal battle with the SEC. Market sentiment has been to a level influenced by speculation regarding the SEC’s potential withdrawal of its appeal against Ripple, further impacting XRP’s price movements.
Ripple’s Legal Activities
The timing of this XRP transfer aligns with heightened anticipation about the SEC’s next legal move. The SEC is expected to submit its appeal by January 15, 2025.
This date is closely linked to SEC Chair Gary Gensler’s anticipated departure on January 20, 2025, with Paul Atkins poised to succeed him. Legal experts speculate that a Republican majority in the SEC could increase the likelihood of withdrawing the appeal.
Following the large transfer, XRP’s price had notable fluctuations. At press time, XRP was trading at $2.30, a 1.87% decrease over the past 24 hours and a 6.13% decline over the past week.
XRP Price and Indicators
XRP’s price is near the midline of the Bollinger Bands, corresponding to the 20 period simple moving average at $2.32. Recent price action suggests a slight upward momentum after testing the lower Bollinger Band, which acts as support at $2.23.
The Bollinger Bands show a relatively narrow width, indicating low volatility. This scenario often precedes a major price move, either upward or downward. The upper band, at $2.41, acts as resistance, while the midline at $2.32 is a critical level for potential recovery.
The MACD shows a bearish momentum, with the MACD line at -0.0166 below the signal line at -0.0206. However, narrowing histogram bars suggest reduced selling pressure, and a potential crossover of the MACD above the signal line could indicate bullish momentum.
XRP Inflow/Outflow
XRP’s spot inflow and outflow data from March 2024 to January 2025 shows different movements. Between March and October 2024, XRP’s price remained below $1.00, indicating low volatility and minimal market activity. A sharp rally in November 2024 saw XRP surge to around $2.50, driven by substantial inflows as indicated by green bars.
During the November rally, positive netflows highlighted strong buying interest, while subsequent months showed a return to negative netflows, indicating profit taking. Despite these outflows, XRP’s price maintained levels above $2.00, suggesting continued market support and accumulation.
Price and Open Interest Trends
From July 2024 to January 2025, XRP’s price and open interest had interesting patterns. XRP remained below $1.00 until mid November, when a parabolic rally pushed the price near $2.87 by early December.
This surge coincided with a sharp increase in open interest, peaking at approximately $3.1 billion, indicating heightened market activity. Following the rally, open interest declined to around $2.07 billion in January 2025, suggesting profit taking and reduced leverage.
However, these levels remain higher than the pre rally phase, signaling sustained trader interest. XRP’s price has stabilized between $2.20 and $2.60, indicating strong support and continued engagement from the market.
