A massive XRP whale has just dumped 31 million coins, valued at around $15.8 million, onto the Bitso exchange, sparking concerns of a potential sell-off . This move comes at a critical time as the Ripple lawsuit nears a major decision. The U.S. court has ordered Ripple Labs, its CEO Brad Garlinghouse, and other parties to consider an alternative resolution before the case advances further .
Despite this development, some analysts remain bullish on XRP. Egrag Crypto predicts that XRP could be on the verge of a rally, citing a symmetrical triangle pattern on the price chart . He identifies a breakout target of $0.5930, which could lead to a resistance level at $1.5000 and potentially even $7.5000, representing a 1,347% increase from current levels .
Additionally, Grayscale's XRP ETF application has gained acknowledgment from the SEC, which could provide institutional investors with regulated access to XRP if approved . Ripple's CEO, Brad Garlinghouse, has expressed confidence that an XRP ETF is "inevitable," especially following the approval of Bitcoin and Ethereum ETFs .
*Key Factors to Watch:*
- _XRP Price Support:_ The price is currently hovering near the critical support level of $0.50 .
- _Whale Activity:_ The recent dump of 31 million coins may indicate sell-off pressure .
- _SEC Decision:_ The outcome of the Ripple lawsuit could significantly impact XRP's price .
- _ETF Approval:_ Grayscale's XRP ETF application could provide a boost to institutional investment .
