Whale activity around XRP has resurfaced, with the potential to influence short-term price movement as the token struggles to reclaim $3.
Specifically, on-chain analysis revealed a transaction involving 40,808,750 XRP, valued at approximately $117.36 million, that moved between unknown wallets, according to data shared by Whale Alerts on September 29.
The latest transfer comes shortly after the approval of XRP ETFs, suggesting that whales may be engaging in profit-taking and strategic repositioning amid a mixed macroeconomic backdrop.
Notably, attention has shifted to the SEC for potential approval of additional spot ETFs in October, with XRP ranking among the assets awaiting a decision from the regulator.
Recent reports indicate that the SEC is streamlining the approval process, with 16 applications on its desk awaiting a decision in October.
Meanwhile, the whale transaction has not had a significant impact on XRP’s price, with the asset trading in tandem with the broader cryptocurrency market. At the time of writing, XRP is trading at $2.85.
XRP price prediction
To determine how the asset might fare in the short term, Finbold turned to OpenAI’s ChatGPT for insights.
According to the tool, the large whale movement could exert mild selling pressure, tempering immediate upside momentum.
However, rising open interest and volume suggest that volatility is likely to persist, potentially setting the stage for price swings between $2.70 and $3.00 in the coming sessions.
If bullish momentum prevails, ChatGPT noted that XRP could test the $3 resistance in the near term. Conversely, failure to sustain above $2.80 support may see the asset revisit lower levels.
XRP technical outlook
Meanwhile, from a technical perspective, analysis by pseudonymous crypto analyst Mikybull indicated that XRP is currently showcasing a consolidation pattern that could set the stage for a price breakout.
In an X post on September 29, the analyst noted that the cryptocurrency is forming a symmetrical triangle, with both its support and resistance converging.
The pattern suggests potential volatility, with breakout levels ranging between $2.70 and $3. A decisive move beyond either of these levels could trigger a new price trend.
Technically, a breakout above the upper boundary would suggest a continuation of the recent bullish momentum, potentially targeting resistance levels above $3.50.
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