A large Ripple whale transaction has drawn attention across the crypto market. Early reports confirm that 200,000,000 XRP, worth approximately $355.6 million, was transferred from an unknown wallet to Binance. This movement has triggered concerns about possible price volatility in the near term.

The XRP price as a result of the Ripple whale dropped to around $1.61, sparking fears of a further dip.

Ripple Whale Major Transaction Sparks Worry

According to Whale Alert, a Ripple whale has moved 200 million XRP to Binance. The total value of this transfer stands at $355,576,574 based on the current XRP price. Such large movements often signal upcoming trading activity that could affect price behavior. Moreover, some optimism is building up brought by the NYSE Arca approval of listing and registration of Teucrium’s 2X Long Daily XRP ETF.

Post the Ripple whale action, analysts on social media have shared differing views on this development. Dark Defender commented, “There is no change in our XRP Monthly Frame. $1.8815 is holding firm.”

While the origin of the Ripple whale remains unknown, historical data shows that similar movements have preceded corrections or temporary price drops. Meanwhile, crypto analyst Ali Charts has predicted that XRP price is breaking out of a head-and-shoulders pattern, setting the stage for a potential move to $1.30. This interpretation adds a short-term XRP bearish perspective if the pattern confirms lower levels before a potential rebound.

Will XRP Price Rally To $8 in April?

Concurrent with the Ripple whale, Casi Trades, reported that the $1.90 support level has broken down, turning it into a resistance point for XRP price. “This low made new extremes on the RSI,” they stated, referring to the market-wide price dip that took XRP to $1.61.

Casi also noted the next support at $1.55, which aligns with the .618 Fibonacci retracement level. This is a crucial area where many traders are setting alerts. According to the trader, “If we do bottom near $1.55, it actually strengthens the bullish case for those big April targets—$8 to $13 still stands.”

CredibleCrypto echoed similar thoughts, noting that XRP finally moved below a range low that had held for over a month. They pointed to a key demand zone between $1.61 and $1.79, suggesting it offers a possible setup for a rebound. However, they also noted that “Ideally we bracket/range here for a bit to form a base before a full-on reversal.”

As of now, despite the Ripple whale move the XRP price is consolidating just above this zone. 

Analyst Outlines Key Resistance To Breach To Resume Bull Rally

Technical analysts have continued to monitor the Elliott Wave structure, suggesting that XRP price may be completing Wave 2 of a larger trend. This theory proposes that a strong Wave 3 could begin soon, which typically represents a strong upward movement.

The local resistance levels to watch include $1.97 and $2.17. A breakout above these points could lead to a move toward higher targets like $2.72 and possibly the previous all-time high of $3.70. However, a failure to hold above $1.61 could shift the focus to a deeper correction.

According to Egrag, a potential double-bottom or inverse head-and-shoulders pattern forming, which could support a bullish reversal if confirmed. This pattern is forming within the demand zone, which is being viewed by some traders as an ideal long setup for XRP price.

Historical Market Cycles and Long-Term View

Egrag Crypto shared a long-term view, drawing from past market cycles. They compared the current XRP price movement with patterns from 2017 and 2021. According to Egrag, during both cycles, XRP price touched or dropped below the 200 MA (moving average) before making large gains.

“In 2017, XRP dropped 73% then pumped 2700%. In 2021, it dropped 78% then pumped 1000%,” Egrag stated. He emphasized that as long as the 50 MA hasn’t crossed below the 200 MA, the bullish trend remains valid.

Egrag pointed out that short-term price declines are part of larger patterns. “You buy the blood, even if it’s your own,” he wrote, referring to buying during market fear. 

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.