The last big change in the cryptocurrency market, XRP It brought the coin to the fore again. Major owners of the digital asset made a remarkable move with the transfer of 150 million XRP. This move caused fluctuations in the market by pushing the price of XRP below the critical $0.53 level. This was recorded by Whale Alert processwhich has led to a great deal of speculation and analysis in the crypto community.
🚨 28,270,000 #XRP (15,139,951 USD) transferred from unknown wallet to #Bitstamphttps://t.co/UfoAsV7PCd
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) April 24, 2024
Ripple, the company behind XRP, made a significant transfer of 100 million XRP worth $52.81 million to an undisclosed wallet. At the same time, another wallet moved 28.27 million XRP to the Bitstamp exchange, worth approximately $15.13 million. Additionally, 21.92 million XRP worth $11.74 million was also transferred to the Bitso exchange. These moves have caused speculation about Ripple’s intentions, with various theories ranging from strategic sales to liquidity management strategies.
These transactions coincided with the price of XRP falling below $0.53, causing mixed reactions among analysts. While some considered this decline temporary, others interpreted it in the context of a broader upward trend.
#XRP Imitating 2021 – Move:
🔵 Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.
🟡 Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ
— EGRAG CRYPTO (@egragcrypto) April 25, 2024
Famous market analyst EGRAG Crypto, in his previous evaluations, defined the $ 0.53 level as an important rising channel and pointed out the upward momentum. However, maintaining this level poses a challenge for bullish traders who aim for continuous upward movement.
The report suggests that breaching the $0.55 threshold could push XRP towards $0.80, increasing speculation of a potential rise towards the $1 level. Despite the recent volatility and XRP’s decline, optimism for a recovery remains, supported by the overall positive trends of the past week.
At the time of writing, XRP was trading at $0.525. This reflected a decrease of 4.81% in the last 24 hours. Despite this decline, crypto- The currency has proven its resilience by rising a significant 7% last week. This resilience is particularly notable as it faces broader market sell-offs and ongoing legal challenges, such as Ripple’s response to SEC allegations.
In conclusion, XRP’s recent price movements may have caused short-term uncertainty, but the underlying bullish sentiment and recovery potential remains in effect. XRP continues to maintain its importance and durability in the cryptocurrency industry with ongoing developments and market dynamics.
