TLDR
- XRP has jumped 7% in the last 24 hours, with price reaching $2.51
- Whale investors have increased their XRP holdings by 6.5% in recent months
- Active addresses on the XRP network have increased six-fold compared to January-February
- XRP has formed a symmetrical triangle pattern suggesting potential for 75% gains
- The SEC has dropped its appeal against Ripple, though an injunction still restricts institutional sales
XRP has seen a strong price jump of around 7% in the last 24 hours, bringing its value to $2.51. This recent increase adds to a recovery of nearly 30% over the past two weeks. The rally comes amid growing on-chain activity and as Ripple’s legal battle with the SEC approaches resolution.
On-chain data shows two key factors that may be driving this price movement. First, whale investors holding over 1 million XRP tokens (worth about $2.5 million) have been in accumulation mode.
These large holders have added 2.82 billion coins to their holdings in the last couple of months. This represents a 6.5% increase in their supply.
The whales now control a total of 46.4 billion XRP tokens. Their continued buying despite previous market downturns may be a bullish signal for the cryptocurrency.
The second factor is a surge in active addresses on the XRP network. March has seen activity levels approximately six times higher than those recorded in January and February.
This increase in network activity often suggests growing interest in the asset. More users are making transactions on the blockchain, which typically indicates higher retail participation.
From a technical analysis perspective, XRP is forming what appears to be a symmetrical triangle pattern. This is considered a bullish continuation setup that forms after price consolidates within converging trendlines following a strong uptrend.
$XRP is trading within a triangle similar to December when it broke to the upside
Does history repeat itself? 🚀 pic.twitter.com/6TOjftzKsz
— Trader Edge (@Pro_Trader_Edge) March 21, 2025
As of March 21, XRP bounced after testing the triangle’s lower trendline. It now appears to be moving toward the upper trendline near the apex point at $2.35.
If XRP breaks above this upper trendline, technical analysis suggests a potential target of $4.35 by June. This would represent a 75% increase from current price levels.
However, if the price drops below the lower trendline, it could invalidate this bullish outlook. In that case, XRP might fall toward $1.28, based on the triangle’s maximum height subtracted from the breakdown point.
The SEC recently dropped its appeal against Ripple
On the legal front, there have been positive developments for Ripple and XRP. The SEC recently dropped its appeal against Ripple, contributing to the cryptocurrency’s 7.85% climb to $2.41 on March 21.
Further boosting sentiment, crypto exchange Bitnomial voluntarily dismissed its lawsuit against the SEC. The exchange then launched the first CFTC-regulated XRP futures in the United States.
These futures contracts allow traders to speculate on XRP’s price without directly holding the asset. This increased market activity helps deepen liquidity and makes it easier to execute large trades.
Despite these positive developments, Ripple still faces a legal obstacle. An injunction issued by Judge Analisa Torres restricts the company from selling XRP to institutional investors.
According to crypto lawyer John Deaton, this ruling could limit Ripple’s ability to distribute XRP directly to banks and financial institutions.
“If Ripple obviously wants to be able to issue XRP to banks in America directly, I think the hang-up is that injunction,” Deaton noted.
The price movement comes as part of a broader crypto market rebound. XRP is now trading around $2.51, representing an increase of more than 8% over the past seven days.
Whale behavior continues to suggest confidence in XRP’s long-term prospects. These large investors have maintained a trend of accumulation over the past year, even during price downturns.
The combination of increased whale holdings, higher network activity, technical pattern formation, and positive legal developments creates an interesting outlook for XRP in the coming weeks and months.
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