Can Ripple Hit $7.56 Despite Whales’ 60M XRP Sell-off

The weekly price action of XRP/USDT chart showed an Elliott Wave progression where wave 1 peaked at $1.96, followed by corrective Wave 2, bottoming at $0.30.

The subsequent bullish trend began with Wave (i) at $0.38.

Wave (iii) extended above $2.90, indicating strong upward momentum. Wave (iv) consolidated near $2.42 and Wave (v) could target $3.73, 200% Fibonacci extension, and possibly $7.56 at 261.8%.

These levels marked strong resistance and potential highs. XRP‘s price action held well despite broader market downturns, indicating resilience.

The structure suggested XRP could achieve new ATHs once BTC formed a bottom.

A sharp dip near $2.25 was followed by recovery to $2.30 and a brief rally above $2.35. XRP showed resilience despite $525M market liquidations.

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XRP’s steady higher lows suggested strong buying interest, with $2.25 acting as firm support.

As XRP and BNB led gains, further upward momentum could push XRP beyond $2.35. Strong resistance and sustained buying would determine the next move.

Whales Sell 60 Million XRP Tokens

Further analysis showed whales sold 60 Million XRP recently further influencing noticeable changes in price trajectory.

The altcoin saw a consistent decline in large wallet holdings of 10 Million to 100 Million XRP during this period.

XRP’s price peaked near $2.43 reflecting bullish activity before a downward correction.

Following the peak, the price dropped to around $2.29, revealing increased selling pressure that disrupted the upward momentum.

A significant accumulation phase began in late December, coinciding with a brief rally. This rally indicated temporary optimism before heavy selling resumed.

If whales continue selling at similar volumes, the price could test lower support levels.

However, renewed accumulation by large investors could push the price back toward $2.40 or beyond.

The reduction in whale holdings aligned with broader market uncertainty, signaling potential for continued volatility. These whale activities remains crucial for predicting XRP’s near-term direction.

Key Conditions to Watch

However, analysts outlined multiple conditions necessary for XRP holders to consider selling.

These included events Ripple Vs SEC Case settlement, Ripple IPO launches, XRP ETF approval and XRP reaching all-time highs.

Past events highlighted XRP’s response to macroeconomic and regulatory triggers. These key events are crucial for XRP’s long-term price movements.

These events could significantly boost investor confidence and drive the price upwards.

Additionally, conditions like Bitcoin reaching $150k, Multiple Countries Stablecoins launch on XRPL, Tokenization of Real World Assets on XRPL were identified as vital triggers.

The Trump Inauguration and US Legislation could provide potential price catalysts. If all these conditions are met, XRP could witness sustained growth and potentially surpass previous price records.

While many conditions remained unmet, the chart strongly emphasized a cautious approach.

It highlighted that premature selling might result in missing out on significant profits from future market shifts. Reaching these milestones could likely justify holding onto XRP tokens.