The cryptocurrency market has been abuzz with activity surrounding XRP, the digital asset associated with the Ripple payment protocol. Over the past few days, XRP whales, or entities holding large amounts of the cryptocurrency, have made substantial moves, transferring millions of coins and sparking speculation about the potential impact on XRP’s price.
TLDR
- XRP whales have moved a substantial amount of coins (285 million and 287 million) in the past few days, suggesting significant accumulation and selling activity.
- The whale transactions coincided with a significant price surge for XRP, increasing by around 14% and breaching the $0.69 mark.
- Analysts and investors are speculating that XRP could potentially reach $1 or even higher if the bullish momentum persists.
- Some analysts, like Andrew Griffiths, believe that XRP breaking out of its long-term consolidation pattern and surpassing $1.20 could pave the way for a new all-time high.
- Despite regulatory challenges and controversies surrounding XRP, pro-XRP lawyer Bill Morgan remains optimistic about XRP’s future trajectory, particularly its potential rebound against Bitcoin (XRP/BTC).
According to data from blockchain tracker Whale Alert, a series of colossal transactions took place, collectively shifting 285.5 million XRP, valued at around $193.68 million at the time of the transactions. These transactions primarily involved accumulations from centralized exchanges like Binance and Upbit, as well as transfers between unknown wallet addresses.
Notably, one unknown wallet address shifted a staggering 100 million XRP to another address, while another wallet dumped 19.9 million XRP on the Bitstamp exchange. These movements have caught the attention of crypto enthusiasts and analysts alike, as they could potentially influence the supply and demand dynamics of XRP.
The surge in whale activity coincided with a remarkable upward momentum for XRP’s price. Over the past 24 hours, the asset’s value surged by 14.75%, breaching the $0.69 mark and fueling optimism among investors. This bullish price action has led some analysts, such as Dark Defender and Egrag Crypto, to express confidence in XRP’s potential to reach the coveted $1 mark.
Adding to the positive sentiment, pro-XRP lawyer Bill Morgan expressed optimism toward the future trajectory of XRP’s price, particularly its potential rebound against Bitcoin (XRP/BTC). Despite XRP’s continuous decline relative to Bitcoin and Ethereum in recent weeks, Morgan pointed to historical patterns of significant rebounds in the XRP/BTC chart.
“Though XRP has faced a steady decline against Bitcoin and Ethereum in recent weeks, it’s crucial not to overlook the potential for a rebound,” stated Morgan.
“Highlighting the substantial historical declines of XRP against Bitcoin, Morgan underscores the resilience of XRP in experiencing significant rebounds during periods of market volatility.”
While optimism surrounds XRP’s price potential, crypto analyst Andrew Griffiths provided a more nuanced perspective. Griffiths emphasized the importance of XRP achieving a close above $0.60 to maintain its bullish trajectory. He noted that XRP has been consolidating in a triangular formation since 2017, indicating a period of price stability before a potentially explosive breakout.
Griffiths predicted that once XRP breaks out of this triangle formation and surpasses the $1.20 mark, it could pave the way for a new all-time high. However, he acknowledged the challenges facing XRP traders, citing the prevalence of negative sentiment surrounding the digital asset due to past controversies and regulatory scrutiny.
Despite these challenges, the recent whale activity and price surge have reignited interest in XRP’s potential. Coinglass data also hinted at an uptrend, with open interest surging 32.79% and volume jumping 337.29%, further fueling the bullishness surrounding XRP’s price action.
