This week has seen notable price changes in XRP, the cryptocurrency ranking fourth by market capitalization, causing anxiety among investors. However, large holders of XRP, known as whales, are showing strong faith in the digital asset.
Market analyst Ali Martinez reported in a recent post that large holders, known as whales, have acquired more than 1 billion XRP tokens within the past 2 days. Furthermore, between January 7 and 8, these whales offloaded 60 million XRP, equivalent to about $139 million, leading to XRP’s price drop from $2.4 to $2.2..
XRP’s price has experienced a small recovery today, with a 1.65% rise in the last 24 hours to reach $2.36. Although this indicates a positive trend, XRP has seen a 3.22% decline over the past week, with its trading volume decreasing by 8.22% to $4 billion. On a brighter note, XRP’s Futures Open Interest has increased by 3% to $4.37 billion, as reported by CoinGlass data. This uptick in Futures interest implies a rising sense of optimism among investors amidst the market’s volatility.
A mysterious transfer of 300 million XRP tokens, worth around $682 million, has been made by Ripple Labs to a secretive wallet, intensifying speculation and curiosity about the company’s future plans. This significant transaction has ignited rumors and predictions about Ripple’s potential market maneuvers, leaving many to wonder what the company has in store for the near future.
Ripple has seen a notable improvement in its foundational aspects. Recently, the company introduced its RLUSD stablecoin in December, which is now available on well-known exchanges such as Bitstamp. By collaborating with Chainlink, Ripple has enhanced XRP’s standing by guaranteeing the safe transfer of current pricing information for RLUSD. These developments have contributed to a growing sense of positivity surrounding XRP, despite the legal dispute with the SEC.
XRP’s Market Forecast: Crucial Thresholds and Projections
Dark Defender, a market analyst, has outlined his projections for the price movement of XRP and highlighted important levels to monitor in the near future. The anticipated targets for XRP range from $2.40 to $5.85, with a potential upward breakout towards $6. On the other hand, support levels at $2.23 and $2.13 are crucial to observe for any potential downward movement. Dark Defender also points out XRP’s significant growth since September 24, emphasizing that it has surpassed Ethereum (ETH) in performance by threefold.
According to market forecasts, XRP is on the cusp of a significant surge, marking a “third wave” of expansion. Traders are advised to: the ascending trendline at $2.05 or a breakout point at $2.50. With an overall optimistic forecast, experts predict that XRP could potentially skyrocket to $10 or more in the future, driven by robust market indicators and sustained large-scale investor activity.
