A huge XRP whale has made headlines by buying 900,000 XRP tokens, spending about $1.7 million. This large XRP accumulation happened near the $2.90 price level and has caught the attention of many in the crypto space. The buy came right before an important update from the SEC and growing talk around a possible XRP ETF.
The XRP price is now around $2.94 and has moved this week. Support is holding at $2.90, while strong resistance sits near $3.10. If the price goes above $3.10, a bullish trend might be expected. However, if it falls below $2.90, a bearish trend might follow. Many believe the price is building strength for a bigger move.
This latest shows growing interest in Ripple and its token. The whale’s buy is not a quick trade. It looks like a smart move made in advance of big changes. The SEC is expected to give an update on Ripple’s legal case by August 15. That decision could help clear up the long-standing questions around XRP and open the doors to more investors.
At the same time, excitement is rising about the launch of an XRP ETF. The SEC may give its decision by October 17. If approved, the ETF could bring new money into the market and lower the supply of XRP available for trading. Many believe this could push the XRP price much higher in the coming months.
