XRP Price Takes a Dive Amid Whale Activity, Creating Market Uncertainty
Analysts are eyeing a potential surge for XRP, with expectations of reaching $250 by 2025.
In a surprising turn of events, XRP, one of the top cryptocurrencies based on market cap, has experienced a significant decline, dropping to the $0.48 price level during a consolidation phase. According to CoinGecko, the XRP price has fallen by 1.10% in the past 24 hours and by 8.81% over the last seven days.
Over the last day, XRP whales have been actively moving around 64 million XRP to and from controlled exchanges (CEXs), causing a stir among cryptocurrency enthusiasts and adding pressure to the token’s buying and selling dynamics.
Whales Engage in Coin Shuffling, Adding to Market Volatility
Blockchain data reveals that two separate whale transactions have resulted in the transfer of 64.54 million XRP. While one whale has offloaded a significant amount, another has been steadily increasing their XRP holdings.
Notably, Whale Alert data shows that the address rarG6FaeYh on Binance accumulated 32.89 million XRP, worth $15.75 million. Conversely, Bitstamp received 31.65 million XRP, valued at $15.14 million, from the address 5XgwHh4Rzn. These transactions have created mixed reactions among investors, leading to conflicting views on the token’s future price movements.
Technical Analysis and Future Prospects
XRP has been feeling the impact of these transactions, displaying strong negative price movements recently. The Relative Strength Index (RSI), which has dropped to nearly 33, suggests that the asset is under downward pressure. However, this could also signal a potential oversold condition, potentially paving the way for a price increase in the future.
Despite the current market downturn, crypto analyst Chad Steingraber remains optimistic about XRP’s future, predicting that the token could potentially hit $250 by 2025.
For more information on XRP, including how to buy, store, and track its price, check out our recommended guides and resources.