XRP is unafraid of the $120 million Whale dumping! Ripple soars to a two-week high, aiming for the $4 mark.

Under normal circumstances, large crypto asset investors (Whales) making significant sell-offs can put heavy pressure on the market. However, the third largest digital asset Ripple (XRP) broke this trend in the past 24 hours. Even in the face of over $120 million in whale dumping, the price not only stabilized at a key support but also surged against the trend, reaching a two-week high.

Whale withdrawal did not hinder the uptrend

(Source: Santiment)

On-chain data shows that XRP Whales sold tokens worth over 120 million USD in just one day. Although this is not the largest dumping event in recent months, it is theoretically enough to trigger panic selling among small and medium investors.

However, the XRP price did not break below the key support level of 3 dollars recovered in the past few days, but instead rebounded strongly to 3.10 dollars, reaching the highest level since August 26.

Price Performance and Technical Analysis

Price on September 12: $3.05

Daily Increase: +1.5%

Weekly increase: +9%

Market capitalization: over 180 billion USD

On August 26, XRP fell back to below $2.85 after encountering resistance at $3.12. The recent breakout above $3.10 is seen as a bullish technical signal, and market analysts generally believe that the next round of rebound is brewing.

Analyst Target Price and Market Expectations

Some analysts predict that if bullish momentum continues, XRP is expected to challenge 4 dollars in the short term, and even hit 5 dollars, setting a new historical high.

This optimistic expectation is mainly based on:

1. The key support level is solid.

2. Whale dumping did not trigger panic.

3. The overall market risk appetite is warming up.

ETF Progress and Regulatory Resistance

Despite the price rally, XRP still faces regulatory challenges regarding ETFs. The U.S. Securities and Exchange Commission (SEC) delayed its decision on the approval of another Ripple spot fund earlier this week, adding uncertainty to the market.

Conclusion

The recent rise of XRP demonstrates the market's high immunity to selling pressure and reflects investors' confidence in its long-term prospects. If the bulls can maintain the $3 level and continue to increase volume, the targets of $4 or even $5 may not be out of reach. However, regulatory variables and ETF developments will still be key factors influencing the market.