Whales grab 900M XRP in 48 hours; $12.60 incoming

Amid a wider bullish sentiment in the cryptocurrency sphere, XRP seems to be eyeing a $12.60 price target following Ripple’s legal victory and a massive buying frenzy that saw crypto whales grabbing 900 million tokens in mere two days.

Indeed, whales have scooped up a whopping 900 million XRP in just 48 hours in a shopping spree that followed several positive developments for the industry’s third-largest crypto asset by market capitalization, according to the observations by popular crypto analyst Ali Martinez on August 11.

Next stop: $3.60 then $12.60

Shortly after that, Martinez pointed out that XRP was looking at the price of $3.60 if it manages to hold above the key level of $3.27, only to suggest later on August 12 that $12.60 might be in the cards as the bullish target, considering the multi-year triangle breakout in November 2024.

Judging by the technical setup on his chart, it seems that this could take place by the end of this year.

For now, however, XRP is changing hands at the price of $3.11, recording a decline of 4.75% in the last 24 hours, but nonetheless witnessing a 2.08% increase across the previous seven days, adding up to the accumulated advance of 11.72% on its monthly chart.

As a reminder, XRP began its strong move upwards, returning above $3 after news broke out that South Korean crypto custodian BDACS launched institutional custody support for XRP and Japan’s largest banking group was planning the country’s first exchange-traded fund (ETF) tied to Bitcoin (BTC) and XRP.

The positive momentum continued with the favorable outcome of the lawsuit between XRP’s issuer, Ripple, and the United States Securities and Exchange Commission (SEC), in which both sides voluntarily dismissed their respective appeals to the 2023 ruling in the case.

Meanwhile, Coinbase announced the launch of XRP futures approved by the US Commodity Futures Trading Commission (CFTC), which means the regulator has officially classed the crypto token as a commodity under its Event Contracts, setting XRP on the path toward a possible new all-time high (ATH).