As the significantly positive sentiment in the cryptocurrency market continues, recently highlighted by the industry’s frontrunner, Bitcoin (BTC), hitting a new all-time high (ATH), XRP is taking the cue and eyeing its next critical level, and whales continue their shopping spree.
Specifically, XRP is back on track towards surpassing the $3.60 level as whales have scooped up 320 million of the token over the course of just 72 hours, according to the data shared by popular crypto trading expert Ali Martinez in an X post on August 13.
XRP at $3.60 back in play
The increased interest, alongside other favorable developments in the industry, has brought the third-largest digital asset by market capitalization back into the race toward the key psychological price level of $3.60, which Martinez had earlier announced as XRP’s next target.
Meanwhile, one of the triggers for the optimistic attitude towards XRP is the fact that the legal battle between XRP issuer Ripple and the U.S. Securities and Exchange Commission (SEC) is officially over, with the two sides voluntarily dismissing their respective appeals of a 2023 ruling in the case.
Should it clear the above resistance, there’s little in its way towards the eye-watering level of $12.60 if history repeats itself, as Martinez pointed out, referring to the multi-year breakout in November 2024 and suggesting on a technical chart that it might happen by the end of this year.
Currently, XRP is changing hands at the price of $3.21, which indicates a decline of 2.31% on the day, but nonetheless is an advance of 4.74% across the previous week and an accumulated increase of 10.33% over the past month, as per the latest CoinMarketCap charts on August 14.
All things considered, the shocking rise of whales’ interest in XRP, culminating with 320 million XRP scooped up in mere hours, indicates the community’s strong belief in the token’s future and could certainly help propel it towards the expected price of $3.60 and beyond to a new record.
What do you think?
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