Ripple Analyst Links Smart Contract Wallet to Musk: Is Elon Musk Becoming an XRP Whale and Pushing Price to $2?

• The majority of XRP whales have held huge account balances throughout the years despite the ongoing SEC vs Ripple lawsuit.
• After more than five years of triangular consolidation, XRP price against the US dollar has approached the apex for an inevitable bullish breakout.

Ripple Labs, a blockchain payment company focused on updating traditional cross-border transactions through XRP, has attracted notable attention from institutional investors. Away from the United States where Ripple is facing legal hurdles from the SEC, XRP is largely traded on different exchanges and web3 platforms. 

As a result, it is safe to assume that the XRP price will inevitably break out, especially now fueled by the ongoing mainstream adoption of digital assets.

Is Musk an Undercover XRP Whale?

The initial entrance of Elon Musk to the Bitcoin space in early 2021 helped the flagship coin rally beyond $60,000 for the first time. Additionally, Musk’s presence in the Dogecoin (DOGE) community has helped the meme coin remain at the top despite the emergence of hundreds of new meme coins. 

According to an on-chain analyst alias XRP Liquidity on the X platform, a veteran crypto whale on the XRPL network registered as Musk transferred 17 million XRP worth approximately $9 million to an unknown wallet.

Interestingly, the XRPL user, who received the lump sum from the account named Musk, has never sold a single XRP unit since 2018 despite the devastating impacts of the ongoing SEC vs Ripple lawsuit. Worth noting that Musk has never engaged in an XRP discussion on the XRP platform, thus making the identified account less likely his. 

Moreover, the account that activated the receiving address was ostensibly activated by Isaac Newton, who also activated two other accounts dubbed Farady and Turing. Going down the rabbit hole, the Isaac Newtown account was activated by Imsbank, which is linked to AlexZee, OpenCoin, and Ripple. 

Sometimes I like to browse thru the XRP wallets.

This one which is associated with a wallet named Musk whom is infatuated with all the famous astrologers. Musk was the newer wallet but sent all the XRP to a no name wallet now containing 17M XRP. This wallet timed the 2018 ATH.. pic.twitter.com/PaSMShFfQA

— XRP_LIQUIDITY (@XRPwallets) February 17, 2024

When Will XRP Price Revisit ATH

Since the 2017 crypto bull market, XRP has been bleeding against Bitcoin, indicating the latter has outshined the large-cap altcoin over the long haul. However, the trend is not likely to last for long as XRP is on the cusp of obtaining regulatory clarity in the United States through the ongoing SEC vs Ripple lawsuit. From a technical standpoint, XRP price is in the final phase of a macro consolidation that will lead to an investable bullish breakout.

If the XRP price manages to close above the resistance/support level of around 74 cents in the coming weeks, the bulls will activate a rally toward $2. The bullish breakout scenario is much more likely to occur since Ripple has significantly improved the On-Demand Liquidity (ODL) services through the help of Bitstamp and Bitso exchanges. 

Moreover, XRP price has successfully rebounded from the support level of around 50 cents and is not up around 8% in the past week to trade at 56 cents on Monday during the early New York session.