XRP Whales Transfer 150M Tokens Ahead of Potential Breakout

The cryptocurrency XRP has captured significant attention following a massive transfer of 150 million tokens, valued at approximately $380 million, between two unknown wallets.

A massive transfer of 150 million cryptocurrency XRP tokens, valued at approximately $380 million, between two unknown wallets has sparked interest among traders and analysts.

This whale activity comes at a critical time as XRP trades around $2.36, having experienced a nearly 5% decline over the past 24 hours, but maintaining a weekly gain of almost 10%.

The transfer has prompted traders and analysts to question whether this movement signals a major price shift or simply represents routine wallet management. The timing coincides with several technical indicators suggesting XRP may be preparing for a breakout from its current consolidation pattern.

A striking change in XRP’s Network Value to Transaction (NVT) ratio on March 8 has captured attention. As pointed out by cryptocurrency analyst Ali Martinez, the ratio saw a dramatic spike, jumping to 1139.75 from just 176 the previous day.

This sudden increase hints at a surge in transaction volumes relative to XRP’s market capitalization and suggests heightened network activity that could precede price volatility.

Chart analysis reveals XRP has been consolidating within a symmetrical triangle pattern. This technical formation, typically covered in introductory technical analysis courses, foreshadows a decisive price movement in either direction. Key support currently sits at $2.36, while resistance is pending around $2.60.

The Bollinger Bands indicator has detectably tightened around XRP’s price, reflecting reduced volatility. This observation aligns with the broader market trend of decreased volatility in recent months.

Moreover, the Stochastic RSI remains in neutral territory at 46.30, further supporting the case for an upcoming breakout once price action breaks from the triangle pattern.

Cryptocurrency trading expert Ali Martinez highlighted this triangle formation in a March 7 social media post. According to Martinez’s analysis, XRP’s pattern of higher lows and lower highs is gradually narrowing toward the triangle’s upper edge.

This convergence suggests an imminent price movement of potentially 23%. A breakout above the upper trendline could push XRP toward $3.00. Conversely, a breakdown below the lower support might pull prices lower than $2.00. This forecast aligns with the typical behavior of symmetrical triangle patterns, which often lead to moves equivalent to the formation’s initial height.

$XRP is consolidating within a symmetrical triangle. A breakout could spark a 23% price move!

This technical formation occurs during a strong trend and usually signals a continuation of the trend. A breakout from the triangle is pending, which could push XRP to $3.00 or lower than $2.00.

Another analyst known as Dark Defender presented an even more bullish outlook on March 8, presenting his analysis of a “Coffee Cup” pattern that began forming in 2023 when XRP traded around $0.50. This U-shaped formation, typically covered in intermediate technical analysis modules, traditionally signals a major trend reversal after a prolonged downtrend.

Projecting the price movements using Elliott Wave theory, Dark Defender predicts XRP could reach between $5.85 and $18.22 in its third wave movement. The fifth wave could potentially drive prices as high as $36, with an ultimate target of $44.22 based on the cup pattern’s full depth and momentum.

Hi all. We were sharing a lot of $XRP Coffee Cup patterns during 2023.

What is a Coffe-Cup Pattern?

⭐️A coffee cup pattern in markets is a U-shaped formation on a price chart. It indicates a potential bullish trend reversal after a downtrend, typically taking weeks to months…

While derivatives data shows some cooling off in market activity, with trading volume dropping 12.10% to $11.04 billion and Open Interest falling 2.31% to $3.39 billion, whale behavior tells a different story. Options Open Interest dropped nearly 89%, indicating uncertainty among options traders about XRP’s near-term direction.

Despite this caution in derivatives markets, on-chain data from cryptocurrency analytics platform Santiment revealed significant whale accumulation. According to Ali Martinez, whale investors purchased over 90 million XRP tokens within a 72-hour period in early March. Such accumulation by large holders has historically preceded price growth for cryptocurrencies.

This new influx of funds followed a report by the SEC, which stated that XRP was not a security in retail transactions, a decision later appealed by the SEC. This case, which began in December 2020, has been closely monitored by crypto traders and investors.

The ruling by Judge Analisa Torres also found that Ripple's institutional sales of XRP did violate securities law. However, the judge's ruling focused on the manner of XRP distribution, not on the token itself.

The SEC's appeal, announced in October, could stall any further price increases for XRP. If the appeal is dropped by