The XRP network has seen a surge in whale activity, with large investors moving their assets to unknown wallets, potentially setting the stage for a surge in XRP’s value.
Analyst Chad Steingraber has made a bold prediction, suggesting that XRP could reach $250 by 2025. This forecast is based on factors such as the potential approval of the XRP ETF and the resolution of XRP’s legal battle with the SEC.
Recent data from on-chain transactions has shown increased activity by XRP whales, with significant transactions taking place on the XRP network in the last 24 hours. Whale Alert, a service that tracks cryptocurrency transactions, has reported several large transactions on the XRP blockchain.
One notable transaction involved the movement of 26,440,906 XRP from an address linked to Binance, the largest crypto exchange by volume, to an unknown wallet. This transfer, which incurred a minimal fee, is considered an exchange outflow, indicating that whales may be withdrawing their assets for long-term holding.
Another substantial transaction saw the transfer of 30,406,274 XRP to an unknown wallet, suggesting a bullish sentiment among XRP whales who are accumulating and holding onto their assets. However, not all whale activity is bullish, as some whales may be planning to sell their XRP, potentially impacting the price negatively.
Despite fluctuations in whale activity, the overall effect on XRP remains positive, with a decrease in available supply on exchanges potentially driving up the price due to increased scarcity. XRP has experienced an 8.76% decline over the past week, trading at $0.4801.
Chad Steingraber’s optimistic prediction for XRP’s future is based on the potential approval of the XRP ETF and the resolution of legal issues with the SEC. Clearing these hurdles could lead to significant growth in the XRP ecosystem, driving institutional demand and impacting the price positively.