XRP, the native token of Ripple Labs, appears bullish and has successfully confirmed its breakout. On January 11, 2025, XRP broke out of a bullish flag and pole price action pattern. However, due to market uncertainty, it experienced a minor correction but managed to hold above the breakout level of $2.40.
Rising Whales Transactions on XRP Network
However, with significant attention from long-term holders and whales, XRP has breached its strong resistance level of $2.60, which it has been facing since December 7, 2024.
Reason Behind XRP Price Rally
Today, January 15, 2025, a prominent crypto expert posted on X (formerly Twitter) that whale transactions exceeding $1 million on the XRP network have been continuously rising. According to on-chain analytics firm Santiment, these large transactions have occurred over 341 times in the past 24 hours, which might be driving today’s significant price rally.
Another potential reason behind XRP’s price rally is that the case between the Securities and Exchange Commission (SEC) and Ripple is approaching a conclusion.
XRP Price Action and Upcoming Levels
With these recent developments, XRP appears bullish and is heading toward its all-time high. Based on the recent price action and the breakout of the bullish flag and pole pattern, there is a strong possibility that it could soar by 55% to reach the $4.45 level in the future.
However, this substantial price rally could also be influenced by President-elect Donald Trump’s inauguration, scheduled for January 20, 2025.
At present, the crucial levels are $2.60, a strong support level that XRP needs to maintain if market sentiment changes, and $3, which currently acts as a modest resistance level that could pose a challenge for XRP in its upcoming rally.
Current Price Momentum
The potential closure of the SEC vs. Ripple case and the 341 transactions exceeding $1 million on the XRP network have caused XRP’s price to soar by more than 12% in the past 24 hours. Currently, it is trading near $2.85. These developments have also attracted significant attention from traders and investors, resulting in a 75% surge in trading volume.
