According to a blockchain tracking platform by a Ripple whale, 230,770,000 XRP, valued at approximately $414 million, was transferred from one unknown wallet to another. This massive transaction has raised questions about the potential market implications for the XRP price. As the market waits for any signs of significant changes, analysts are predicting a potential XRP price correction to continue.
Ripple Whale Moves Spark Concerns for XRP Price
According to Whale Alert, a Ripple whale completed a large transaction of over 230,770,000 XRP equivalent to $414 million. This huge whale transaction emerges in the wake of other recent Ripple whale transactions, such as 200M XRP moved to Binance by an unknown entity. Another huge transaction involved a $572 million worth of XRP move amid ODL sales speculations.
Market participants consider whales to be market movers, and big buy or sell orders can sometimes give early signs of a change in the market. Along with the whale move, the market has been observing ongoing developments surrounding Ripple, including its legal battles and partnerships.
However, while there is positive news for Ripple, such as the launch of XRP ETF in the US or the acquisition of Hidden Road, the market has not positively influenced the XRP price. The pressure on XRP’s price remained, and analysts expect more correction before a recovery.
Analysts Predict XRP Price Correction
As the large XRP transfer captures the market’s attention, crypto analysts have been concerned with the potential price trends for XRP. One technical analyst has pointed out a major support area for the XRP price, which stands at $1.81. If the price of XRP fails to hold above this level, it could lead to a breakdown to the lower level of $1.55.
The analyst, Casitrades pointed to a technical pattern forming in the market, which suggests a “Wave 3” downtrend could be underway. According to her analysis, using the Elliott Wave theory $1.71 will be the next critical level to watch for a temporary pause before the price potentially drops further.
This XRP correction aligns with a prior forecast given by the same analyst regarding a pullback to the golden retracement level of $1.55. This level is typically considered a solid support level when analyzing technical charts. If tested, this level should confirm the conclusion of the Wave 2 correction, as it will likely cause the price of XRP to bounce back up.
Concurrently, Dark Defender stated that market conditions have caused XRP oversold position in both the 4-hour and daily charts. According to Dark Defender, XRP is showing signs of a potential price recovery, with a strong Wave C pattern forming towards a new all-time high at $4.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee and watch this space. Analysts say the next big move for Bitcoin (BTC) may be closer than it looks. With technical signals flashing and macro forces shifting, analysts are starting to lean bullish.
Crypto News of the Day: Bollinger Eyes Breakout as Macro Tailwinds Gather
Bitcoin is drawing renewed attention from analysts, with John Bollinger, the inventor of the Bollinger Bands indicator, sounding the alarm for a potential breakout.
Bitcoin looks to be setting up for an upside breakout. $BTCUSD More as the week gets going.
Bollinger’s post suggests technical momentum is building, with macro and political developments aligning with bullish setups.
Nic Puckrin, founder of The Coin Bureau, believes the US Senate’s passage of Trump’s $3.3 trillion Big Beautiful Bill has set the stage for long-term Bitcoin gains despite markets not reacting immediately.
“Trump’s ‘Big Beautiful Bill’ has passed in the US Senate, but has failed to immediately ignite a significant crypto rally…But while markets are still digesting its implications, the long-term impact is clearly nothing but positive for Bitcoin,” Puckrin told BeInCrypto.
According to Puckrin, the bill will add trillions to the US debt load, which, as BeInCrypto reported in a recent US Crypto News publication, positions Bitcoin as a life raft. Puckrin says this could accelerate the decline of the US dollar.
“A depreciating dollar creates the perfect environment for Bitcoin,” he added.
In a recent US Crypto News publication, BeInCrypto reported that the dollar index (DXY) posted a multi-year low. This came amid its worst start to a year since 1973, with interest rate cuts back on the table.
Puckrin sees the environment shifting decisively in Bitcoin’s favor, acknowledging that once the liquidity floodgates open, even $107,000 per BTC would feel like a deep discount.
Bitcoin Price Resistance Holds, But Market Eyes $110,500 Break
Despite the growing bullish sentiment, Bitcoin remains locked in a tight trading range between $107,000 and $110,000. The pioneer crypto faces immediate resistance at $109,500.
However, that move quickly lost steam as the market’s momentum remained muted. While Bitcoin’s long-term bullish setup is intact, spot demand continues to lag.
The pioneer crypto’s price action reflects this tension between strong fundamentals and macroeconomic uncertainty.
“Spot demand has been waning in recent times… weighing heavily on market sentiment…Bitcoin’s broader technical and bullish market position has remained structurally intact,” said Shawn Young, Chief Analyst at MEXC Research, in a statement to BeInCrypto.
The upcoming US tariff deadline and the colloquial “Crypto Week” in Congress, where digital asset bills are set for debate, could inject volatility and act as breakout triggers.
According to MEXC, a clean move above $110,500, backed by volume, would “validate the bullish setup and pave the way for a potential push to make new highs.
If macro conditions align, the analyst predicts a play to $125,000 in Q3 for Bitcoin and even $140,000 by year-end. This is modest compared to what Standard Chartered predicted in a previous US Crypto News publication.
“These developments [Bitcoin ETF flows, corporate treasury buying, a potential announcement by President Trump of Fed Chair Powell’s early replacement, and passage of the US stablecoin bill] along with further evidence of broader sovereign interest, should push Bitcoin to a new all-time high of around $135,000 in and $200,000 in Q4,” Standard Chartered Head of Digital Assets Research Geoff Kendrick said in a statement to BeInCrypto.
Chart of the Day
The chart below shows the BTC/USDT trading pair in the one-day timeframe. With Bitcoin between the middle and upper Bollinger band ($111,019), this indicates a potential continuation of an uptrend.
A break above the upper band could see Bitcoin test the $111,800 all-time high (ATH), potentially establishing a new peak.
Technical indicators align with the 50-day Simple Moving Average (SMA), providing initial support at $106,584 (yellow strand).
Meanwhile, the volume profile (yellow bars on the side) suggests significant bullish momentum, with traders waiting to interact with the BTC price upon any drop, potentially as low as $100,000.
The Relative Strength Index (RSI) at 54.34 adds credence to the bullish thesis, showing more room for the upside before BTC is considered overbought.
Conversely, if Bitcoin drops below the midline of the Bollinger band ($106,456), it would signal a trend reversal, with a breakdown below the lower band ($101,893) likely exacerbating the downtrend.
However, BTC must drop below the 100-day SMA at $99,026 to confirm a trend reversal from the prevailing uptrend.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
On July 29, Linea, a Layer 2 solution on Ethereum developed by Consensys, officially announced details regarding its token, LINEA.
Several key aspects, such as the Token Generation Event (TGE) timeline, remain unconfirmed. Details regarding the airdrop and the supply management strategy are also yet to be clarified.
9% of Total LINEA Supply Allocated for Airdrop
According to the official blog and social media channels, the total supply of the LINEA token is 72,009,990,000 tokens — approximately 72 billion. This is 1,000 times larger than ETH’s initial circulating supply. It’s a remarkably high figure for a Layer-2 token whose tokenomics are being revealed for the first time.
Notably, 9% of the total LINEA supply in tokenomics will be distributed via an airdrop to early users. However, specifics regarding eligibility criteria, distribution timeline, and detailed requirements have not been officially disclosed.
Ahead of the TGE, Linea unveiled several major plans to prepare for the token rollout, including: token distribution through various methods (with airdrops to early users as one); introducing an ETH-based yield mechanism for the network; and the establishment of an ecosystem development fund.
While many operational details for these new mechanisms are still unclear, the simultaneous release of public tokenomics and internal economic direction marks a rare level of transparency, especially compared to many current Layer 2 projects that have yet to disclose clear token information.
“We will be sharing more details on the native yield bridge design, the charter for the Linea Consortium, and how Linea will play a central part in the future of Ethereum.” Declan Fox, builder on Linea, shared.
Opportunities and Challenges
Given that Linea is developed by Consensys — one of the most reputable organizations in the Ethereum ecosystem — the token launch could draw significant attention from the Web3 community, particularly among early adopters who previously interacted with the testnet or bridge on the Linea network. Still, there has been no official confirmation regarding the specific recipients of the airdrop.
That said, the 72 billion total supply of LINEA is considered massive and has sparked extensive debate within the community. The fact that it is 1,000 times the initial ETH supply raises concerns around inflation structure, long-term distribution, and potential value dilution. Without strong token lockup mechanisms or a clearly defined distribution strategy, post-TGE selling pressure could be a likely scenario.
Linea has halted the blockchain before. The recent halt of Linea’s blockchain has ignited discussions about its commitment to decentralization as an Ethereum Layer-2 (L2) solution.
