XRP price experiences a decline due to whale activity, causing uncertainty in the market.
Industry analysts predict that XRP has the potential to reach $250 by the year 2025.
XRP, one of the leading cryptocurrencies based on market capitalization, has recently faced significant fluctuations, dropping to $0.48 during a period of consolidation. According to CoinGecko, the XRP price has decreased by 1.10% in the past 24 hours and by 8.81% over the last week.
Over the last day, XRP whales have been actively moving around 64 million XRP to and from controlled exchanges (CEXs), creating a sense of division among cryptocurrency enthusiasts and adding pressure to the token’s buying and selling activities.
Whale transactions have contributed to market uncertainty, with data from the blockchain revealing that 64.54 million XRP were transferred through two separate whale transactions. One whale increased their XRP holdings while another sold off a significant amount, with addresses on Binance and Bitstamp involved in these transactions.
Address rarG6FaeYh from Binance accumulated 32.89 million XRP, valued at $15.75 million, while Bitstamp received 31.65 million XRP, worth $15.14 million, from address 5XgwHh4Rzn. These transactions have elicited mixed reactions from investors, leading to varying opinions on the future price trajectory of the token.
Despite recent negative price movements, technical indicators suggest that XRP is under downward pressure, with the Relative Strength Index (RSI) nearing 33. However, this could also indicate that XRP is approaching oversold territory, potentially paving the way for a future price increase.
While current trends may be unfavorable, crypto analyst Chad Steingraber remains optimistic about XRP’s growth potential, foreseeing a possible rise to $250 by 2025.
For further information on XRP, consider reading our guides on purchasing Ripple (XRP), setting up a Ripple XRP wallet, and monitoring 24-hour XRP prices. Stay updated on the latest Ripple (XRP) news and developments to stay informed about this cryptocurrency.