The price of
XRP regained the $0.62 area in the late hours of January 10th. The price rise comes after the Ripple team announced plans to buy back $285 million worth of the parent company’s shares, valuing it at $11 billion.
On-chain data shows a steady increase in whale trading on the XRP Ledger network since the buyback was announced on January 10th.
XRP whales recorded the second highest trading volume of 2024.
XRP price has seen significant growth this week, recording a 10% growth performance from January 7th to January 12th. The rally is partly due to a significant buyback plan unveiled by Ripple Labs, the parent company of the sixth-largest cryptocurrency. .
Initial market reaction to news of Ripple’s share buyback plan saw the price of
Beyond the price chart, look at the on-chain movement of whale investors for buyback news signals that further upside could follow.
Santiment’s Whale Trade Count indicator tracks real-time changes in the trading activity of whale investors by counting the number of confirmed trades exceeding $100,000 each day.
According to the latest figures, the XRP Ledger network recorded 1,235 whale transactions on January 11, a 190% increase from the 427 recorded on January 6. Notably, the January 11 figure is the second highest after the number of whale trades in 2024. On January 3, 1,462 cases were recorded.
By tracking transactions exceeding $100,000, the Whale Transaction Count indicator effectively acts as a proxy for measuring the prevailing sentiment among institutional and high net worth investors in blockchain networks.
A sharp increase in the number of whale trades is often interpreted by strategic investors as a bullish signal.
First, it confirms the positive sentiment and high demand for XRP among whale investors following the news of the buyback.
If whales continue their buying pressure, it is only a matter of time before strategic retail traders start mirroring their trades. This scenario could push the XRP price towards the $0.70 level.
XRP Price Prediction: $0.70 Target in Firm Focus
Considering that the price of
Parabolic Stop and Reverse (SAR), a technical indicator that identifies potential reversal points, also validates this bullish XRP price prediction. When an asset is trading below the parabolic SAR indicator, it usually indicates a bullish trend in the market.
As of this writing on January 12th, XRP is trading at $0.59, well below the parabolic SAR dot pointing to $0.63. A decisive breakout of short-term resistance can trigger a large price breakout.
So, if traders take advantage of these signals and buy more, XRP could soar to $0.70 as expected.
Conversely, if the bears manage to break below $0.50, they could invalidate that prediction. However, bulls are likely to build a major buying wall around the psychological support area of $0.55. If that support area holds firm, it could trigger an early bounce.