XRP Witnesses $44 Million Token Transfers; Analysts Claim XRP Poised For Significant Rally
XRP has seen significant token transfers over the past 24 hours. WhaleAlert noticed two large XRP transactions totaling approximately 44 million XRP. Notably, both transactions involved the transfer of large amounts of XRP from well-known exchanges to unknown wallets.
XRP Growing Whale Activity
The most recent transaction involved the transfer of 18.7 million XRP (worth approximately $27.2 million) from Binance to an unknown wallet. Previously, another 25 million XRP worth approximately $36.7 million was transferred from Upbit to an unknown wallet.
The transfer of XRP from exchanges to unknown wallets may indicate that institutional investors or whales are accumulating the token for long-term holdings. This could indicate a shift to cold storage, reducing available liquidity on exchanges and could signal bullish sentiment, or it could simply be a reorganization of funds. However, these transfers follow a growing trend of XRP whale activity, which could signal a rise in XRP price.
According to analysts stephen is cryptoXRP is likely to see a significant price increase in the coming months.
StephIsCrypto suggested that XRP could surge to $33.21 once adoption increases and the cryptocurrency reaches the wider market. This prediction comes as XRP has already experienced a strong rally, with the coin rising 30% in the past seven days, and some analysts have pointed to a potential flip for BTC.
XRP Dominance Is About to Rise
Famous analyst Egrag Crypto, famous Currently, XRP is facing major resistance from the Sky Dome, the descending trendline from May 2017 to July 2023. He noted that if XRP can break out of this Sky Dome line, then we will be entering a space expansion of XRP dominance!
The analyst has set a bold target for XRP dominance, which could reach double-digit percentages if it surpasses key resistance levels. Egrag Crypto highlighted that if XRP breaks through 5.75% dominance, its price could rise significantly, leading to a huge shift in the market.
XRP Golden Cross!
XRP is up 186.5% this month, breaking a key dynamic resistance level that has only been seen since 2018. Furthermore, from a technical analysis perspective, a golden cross forming on the cryptocurrency’s weekly chart may bring more confidence to XRP. It is worth noting that the last XRP sale occurred in May 2021, coinciding with XRP’s price peak.
Cryptocurrency Analyst Robert Doyle Known as “Crypto Sensei” Makes a Bold Attempt predict About Ripple. He noted that one of the biggest catalysts for XRP’s rise is the ongoing transformation of the global financial system. Doyle also examines broader trends in the cryptocurrency market, including growing institutional interest in cryptocurrencies and the shift toward tokenized value.
XRP holders are primed for huge gains
As global acceptance continues to grow and use cases continue to expand across various sectors, Crypto Sensei believes that XRP is on the verge of a massive rally and those who hold the token will reap huge gains. Notably, he speculated that if XRP could capture 4-5% of the global financial market, the value of XRP could soar to $30 or even $50.
Ripple’s recent legal victory has played an important role in increasing investor confidence in XRP. With regulatory hurdles reduced, analysts believe XRP may continue its upward momentum.
