In a recent series of colossal transactions, XRP whales have made waves in the crypto market. transferring massive amounts of the digital asset. The transactions witnessed a shift of around 287 million XRP tokens. Moreover, such transfers have sparked speculation among investors and analysts about the potential impact on the price of XRP.

XRP Whales Shift Massive Reserve

According to data from Whale Alert, an XRP whale transferred a staggering 158,473,000 XRP, equivalent to approximately $77.33 million at. This transaction was initiated from an unknown wallet toward the popular crypto exchange, Binance. This transfer has led to speculation of a sell-off, potentially putting downward pressure on the price of the digital asset.

However, the transactions did not stop there. Three subsequent transfers of 33.3 million XRP each, valued at approximately $49.89 million in total, were made from Binance to unknown wallets. This movement suggests a pattern of accumulation by XRP whales, indicating a bullish sentiment toward XRP and potentially catalyzing a future price increase.

In addition, 28.94 million XRP tokens worth $14.22 million was offloaded 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 has weighed in on the potential price movement of XRP.

Griffiths emphasized the importance of achieving a close above $0.60 for XRP to remain bullish. He noted that XRP has been consolidating in a triangular formation since 2017, indicating a period of price stability before a potentially explosive breakout.

Moreover, 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. In addition, he also drew parallels to the price action seen in 2017, suggesting that a similar upward trajectory could be in store for XRP in the near future.

Despite these optimistic projections, Griffiths acknowledges the challenges facing XRP traders, noting the prevalence of negative sentiment surrounding the digital asset. He suggested that past controversies and regulatory scrutiny have likely driven away some traders.

Also Read: SEC vs. Ripple: Alderoty Sets Record Straight on Next Steps

XRP Price Rebounds

Amid the accumulation and dump frenzy of XRP whales, the crypto price registered a significant recovery. As of writing, the XRP price was up by 2.03% to $0.5004 on Wednesday, April 17. Whilst, the Ripple-backed crypto boasted a market capitalization of $27.58 billion.

Despite the massive whale transactions, the 24-hour trading volume for XRP slumped 26.06% to $1.71 billion. Meanwhile, Bill Morgan, a pro-XRP lawyer, expressed optimism toward the future of the XRP price trajectory. Moreover, Morgan remains bullish on the potential for XRP to rebound against Bitcoin (XRP/BTC).

Despite XRP’s continuous decline relative to Bitcoin and Ethereum, 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. In addition, he indicated that a bounce back is loading for XRP.

Also Read: Ripple Vs SEC Lawsuit: Ripple CLO Cools Down Settlement Debates, XRP Price Reverses

The post XRP Whales Move 287M Tokens, Will XRP Price Hit $0.60? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am