80 Million XRP Moves to Exchanges, Correction Incoming?
Ripple’s native token, XRP, is making waves in the cryptocurrency space with its impressive rise. The recent activity by whales and investors has raised concerns about a potential sell-off amid a sharp rise in prices.
80 million XRP transferred to Binance
The price of XRP has continued to grow over the past week, rising by a massive 45%. During this period, some whales and investors dumped their holdings to Binance, the world’s largest cryptocurrency exchange.
Binance’s XRP reserves increased by 80 million coins in seven days, according to on-chain analytics firm CryptoQuant, signaling a possible sell-off and raising concerns about a price drop. XRP price remains neutral and shows continued growth despite the massive influx of the coin into exchanges.
Current Price Momentum
Currently, XRP is trading close to $3.39, with the price surging by more than 16% in the past 24 hours. This impressive price increase attracted significant attention from investors and traders, leading to a 45% spike in trading volume, indicating their participation during the same period.
What Experts Say About XRP
Despite significant gains over the past 24 hours, Crypto expert A recent post was made on Buy – would be better.”
This statement from experts shows that XRP is still undervalued and has the potential to surge significantly in the coming days.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, Ripple Looks bullish as this rally follows a bullish flag and extreme price action pattern breakout.
Additionally, XRP price has been consolidating before this rally started, which is another bullish sign. Based on recent price action, XRP is likely to surge another 32.5% to $4.45 levels in the coming days.
However, as the inauguration of President-elect Donald Trump approaches, that forecast appears to be easily achievable. While time will tell what happens, it’s clear that sentiment and cryptocurrency markets are likely to surge once Trump is sworn in.
