In a series of recent massive transactions, XRP coin whales made waves in the crypto market and transferred large amounts of digital assets. The transactions saw approximately 287 million XRP tokens changing hands. Moreover, such transfers have led to speculation among investors and analysts about the potential impact on the XRP price.
XRP Whales Shift Huge Reserve
As reported by Koinfinans.com, according to Whale Alert’s data, 158,473,000 XRP, which is approximately $77.33 million at current market prices, was transferred by a whale. This transaction was initiated from an unknown wallet to the popular crypto exchange Binance. This significant move of XRP from a wallet to an exchange has led to a sell-off speculation, potentially putting downward pressure on the price of the digital asset.
However, the transactions were not limited to this. Three subsequent transfers, each consisting of 33.3 million XRP and worth approximately $49.89 million in total, were made from Binance to unknown wallets. This movement points to an accumulation pattern by XRP whales that indicates a bullish sentiment towards XRP, potentially catalyzing a future price increase.
In addition, 28.94 million XRP tokens worth $14.22 million were disposed of by a whale. The transaction witnessed a transfer from an undisclosed wallet to the Bitstamp exchange. In light of these developments, crypto- analyst Andrew Griffiths weighed in on XRP’s potential price movement.
Griffiths emphasized the importance of a close above $0.60 for XRP to continue its rise. He noted that XRP has been consolidating in a triangle formation since 2017, indicating a period of price stability before a potentially explosive breakout.
Furthermore, Griffiths predicted that once XRP breaks out of this triangle formation and breaks through the $1.20 level, it could pave the way for a new all-time high. In addition, he suggested that a similar upward trajectory could be in store for XRP in the near future, drawing parallels with the price action seen in 2017.
Despite these optimistic predictions, Griffiths acknowledges the challenges faced by XRP investors, noting the prevalence of negative sentiment surrounding the digital asset. He suggested that past controversies and regulatory scrutiny had likely alienated some traders.
XRP Price Is Recovering
Amid the hoarding and dumping spree of XRP whales, the crypto price has made a significant recovery. At the time of writing, the XRP price rose 2.03% to $0.5004 on Wednesday, April 17. The Ripple-backed crypto had a market cap of $27.58 billion.
Despite the large whale transactions, XRP’s 24-hour trading volume fell 26.06% to $1.71 billion. Meanwhile, Bill Morgan, a pro-XRP lawyer, expressed optimism about the future of the XRP price trajectory. Moreover, Morgan remains bullish on XRP’s recovery potential against Bitcoin (XRP/BTC).
Despite XRP’s continued decline relative to Bitcoin and Ethereum, Morgan pointed to historical patterns of significant recoveries on the XRP/BTC chart. “While XRP has experienced a steady decline against Bitcoin and Ethereum in recent weeks, it is crucial not to ignore the potential for a recovery,” Morgan stated.
of XRP Bitcoin Underlining its significant historical declines against its counterpart, Morgan underscores XRP’s resilience to experience significant recoveries during periods of market volatility. Additionally, he noted that there is a bounce back loading for XRP.
