XRP has been making waves in the crypto world lately. After a strong price surge, Ripple’s flagship altcoin is now in a correction phase, and the buzz is all about significant whale movements. Here’s the scoop!
Whale Transactions Shake Up XRP Crypto
Big players, often called “whales,” have been eyeing XRP recently. On-chain data from Santiment shows that these major holders have scooped up over 130 million XRP across exchanges like Binance, Bitso, Bitstamp, and Upbit.
This massive accumulation has ramped up activity on the XRP Ledger (XRPL) network. The influx of whale transactions has brought in new addresses and sparked a flurry of activity, showing a surge in investor interest. Initially, this uptick in activity pushed XRP’s price up to 63 cents.
However, following this spike, XRP saw a significant correction. Early Friday during the European session, the price dropped by more than 8%, landing at around 55.8 cents. These whale transactions are likely behind the volatility. While massive buying by whales can temporarily boost prices due to increased demand, their selling or profit-taking can cause rapid corrections.
Technical Analysis and Price Forecasts
On the technical front, XRP is showing a bullish pattern reminiscent of 2017. Analysts are optimistic that resolving the litigation between the U.S. SEC and Ripple Labs could positively impact XRP’s value. Some XRP community members even believe that Donald Trump’s re-election could be a boon for Ripple.
For now, if XRP can hold its support level between 54 and 58 cents, there’s potential for a rise to 87 cents in the medium term. This forecast hinges on XRP maintaining these support levels and continuing to attract investors.
In the long run, XRP’s price stability and support levels will be crucial. Legal developments and whale behavior will play pivotal roles in shaping XRP’s future.
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