TLDR
- A whale purchased 17.56M XRP via Kraken, totaling around $48.9 million.
- XRP is consolidating near $2.80, with resistance seen at the $2.85 level.
- Ripple CEO projects XRP could hit $100 by 2030 with a $10T market cap.
- October–November has shown strong past performance for XRP price moves.
XRP is trading around $2.80 following a large-scale transaction by a crypto whale. A purchase of over 17.55 million XRP—worth nearly $49 million—was recorded on the XRP Ledger through Kraken. This high-volume move has raised speculation around growing institutional activity in the token, as the price consolidates near key resistance levels. Analysts are watching for further developments in what may be a pivotal trading period.
Whale Activity Signals Institutional Moves
A transaction involving 17,555,420 XRP, valued at approximately $48.9 million, took place at 07:44:41 UTC on the XRP Ledger. The transaction, recorded via the Kraken exchange, was confirmed by blockchain monitoring platforms. This move suggests that large investors are building positions, even as the token moves sideways.
The whale activity has come at a time when XRP is trading just below a key resistance level. This suggests possible accumulation, as some investors expect potential catalysts in the coming weeks. Analysts are reviewing past data and note that similar conditions occurred before an uptrend in late 2024.
XRP Consolidates Near Resistance
XRP is currently consolidating near the $2.80 level. According to Brave New Coin, XRP was up 1.14% over the last 24 hours at press time. Technical analysts on TradingView noted a recent dip below $2.82, which shifted short-term momentum in favor of sellers.
Indicators such as the 200-day Simple Moving Average (SMA200) and Relative Strength Index (RSI) also reflect limited buyer strength. A close above $2.85 is seen as a level that could shift short-term momentum upward. Traders are waiting to see if XRP can break past this point to continue its upward trend.
Long-Term Growth Outlook by Ripple CEO
Brad Garlinghouse, CEO of Ripple Labs, recently shared a long-term outlook for XRP’s market performance. He said XRP could potentially reach a market cap of $10 trillion by 2030. Based on the current circulating supply, that would place XRP near the $100 mark.
Garlinghouse mentioned Ripple’s ongoing development in the field of central bank digital currencies (CBDCs) as one area of long-term growth. Ripple has formed partnerships with financial institutions to support its CBDC solutions. These developments may continue to draw institutional interest, though the market remains cautious amid ongoing regulation.
Regulatory and Seasonal Factors in Focus
XRP currently holds a market cap of about $166.8 billion. Despite a rise in trading volume and whale activity, regulatory challenges still affect XRP’s outlook. Updates from the U.S. Securities and Exchange Commission (SEC) lawsuit are being closely followed by market participants.
October and November are often active months for digital assets. Historical data shows XRP had a 20% price rise during the same period last year. Analysts suggest that any favorable news, including a potential ETF approval or legal clarity, could bring renewed market movement. However, they also caution that no clear breakout has occurred yet.
