In recent large-scale deals, XRP billionaires have created ripples in the cryptocurrency world by moving vast quantities of XRP. Approximately 287 million XRP tokens were transferred in these transactions. These transfers have fueled debate among investors and experts regarding the potential influence on XRP’s price.
XRP Whales Shift Massive Reserve
Based on Whale Alert’s figures, a large investor moved 158 million XRP, worth around $77.33 million, from an anonymous wallet to Binance exchange. This significant transfer of XRP has sparked speculation among investors about a possible sell-off, which could negatively impact the price of XRP.
Furthermore, Binance transferred an additional 100 million XRP, worth around $159.78 million, to unidentified wallets following the initial transaction. This recurring transfer of large amounts of XRP may be indicative of XRP hoarders building up their stashes, which could lead to optimism in the XRP market and potentially trigger a price surge.
Furthermore, a whale sold 28.94 million XRP tokens, equivalent to $14.22 million, in a single transaction. This transfer took place from an unidentified wallet to Bitstamp exchange. Following this news, crypto expert Andrew Griffiths has shared his insights on the possible price trend for XRP.
Griffiths underlined the significance of XRP‘s price surpassing $0.60 for it to continue being bullish. He pointed out that XRP has been contracting in a triangular pattern since 2017, suggesting a phase of price tranquility prior to a possible dramatic price surge.
Furthermore, Griffiths anticipates that if XRP escapes this triangle pattern and reaches beyond $1.20, it might lead to a fresh peak record. Additionally, he identified similarities between the price trend of 2017 and the current situation, implying potential for a continued upward trend in XRP’s near future.
Although Griffiths is hopeful about the future of XRP trading, he’s mindful of the hurdles involved. He pointed out that there’s a lot of unfavorable opinion towards this digital asset. Previous disputes and regulatory investigations might have deterred some traders from joining the market.
XRP Price Rebounds
In the midst of XRP whales buying and selling large amounts, the crypto price experienced a notable bounce back. Currently, the XRP price has increased by 2.03% to reach $0.5004 on April 17, 2023. Furthermore, XRP boasts a market capitalization of $27.58 billion.
Although large whale transactions occurred, the 24-hour trading volume for XRP decreased by 26.06% to reach $1.71 billion. Bill Morgan, a lawyer supportive of XRP, expressed positivity regarding XRP’s price trend in the future. Additionally, Morgan continues to believe that XRP will recover against Bitcoin (XRP/BTC).
In contrast to XRP‘s persistent drop in value versus Bitcoin and Ethereum, Morgan emphasized past trends indicating strong recoveries in the XRP-to-Bitcoin price chart. “It’s important to remember that XRP has previously experienced substantial bounces back,” Morgan noted.
Morgan emphasizes XRP‘s ability to recover significantly during market turbulence despite notable historical drops compared to Bitcoin. He also hinted at an upcoming surge for XRP.
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2024-04-17 10:33