Whale’s $6M Bet on XRP Ignites Market – Will Ripple Hit $3 in Crypto Summer?

XRP has surged nearly 30% in the past week, reaching $2.41 as bulls aim to break past the $2.25 resistance level.Optimism grows around a potential settlement between Ripple Labs and the SEC, which could significantly clarify XRP’s regulatory status.XRP shows strong momentum, driven by legal developments and significant investment activity. The market is closely watching to see if these factors can propel the token to new heights during the crypto summer.Recent Market Activity and Legal DevelopmentsThe ongoing legal battle between the SEC and Ripple is still a major factor affecting XRP’s price. Recently, the SEC asked the court to reconsider a previous ruling, and some analysts see this as a possible sign that both sides might be moving toward a settlement. If the case is resolved, it could clear up a lot of regulatory confusion and make XRP more appealing to big institutional investors.Adding to the positive sentiment, there are rumours about a potential XRP ETF launch in 2025. Such an ETF could draw substantial institutional investment, mirroring the impact of Bitcoin ETFs, which saw over $1 billion in net inflows last week. An XRP ETF would offer institutions an easier way to invest, further boosting XRP’s price. Large XRP transactions indicate growing institutional confidence. On May 9, Ripple-affiliated whales moved 370 million XRP, valued at about $782 million. These movements included a 70 million XRP transaction ($148.3 million) and a 300 million XRP transfer($633.7 million), according to Whale Alert data. These large transfers often signal strategic positioning by institutional investors anticipating positive legal or market developments.Onchain Lens data shows a $5.84 million USDC deposit into HyperLiquid, a decentralised derivatives exchange, to open a 2x leveraged long position on XRP. The same trader previously profited $10 million on a similar ETH position. On-chain metrics from Santiment show that XRP held by whales, addresses with 1 million to 10 million XRP, has increased from 8.24% to 9.44% in the past three months. This accumulation indicates that large investors see the digital asset as a promising long-term investment, strengthening the bullish outlook for the token. Moreover, Ondo Finance plans to introduce a tokenised U.S. Treasury fund on the XRP Ledger. This will enable institutional investors to access U.S. government-backed assets via blockchain, using Ripple’s RLUSD stablecoin for minting and redemption, enhancing XRP’s appeal to institutional investors.However, Ripple has stopped publishing its quarterly market reports, raising transparency concerns after eight years, due to worries that the reports were being used in its legal battle with the SEC.From a technical analysis perspective, the token is trading around $2.3748, consolidating just below the 23.6% Fibonacci retracement level at $2.3890. This level aligns with an ascending trendline, serving as a crucial support. If bulls hold this area, the next target is the recent high at $2.4762, followed by $2.50.The MACD indicator is starting to show signs of a bearish crossover, which could mean a short-term dip is coming. If XRP drops below $2.3351, it might fall further toward the 50% Fibonacci level at $2.2915. That said, the trade idea here is to consider buying if the price stays above $2.3350, aiming for a move up to $2.4760. To protect yourself in case the market turns, it’s wise to set a stop loss just below at $2.2915. This level is key, hence, if it breaks, it could signal a larger pullback.Currently, XRP is trading around $2.43, up 2.75% in the last 24 hours, with a trading volume of $5.03 billion, indicating substantial market interest.The post Whale’s $6M Bet on XRP Ignites Market – Will Ripple Hit $3 in Crypto Summer? appeared first on ETHNews.