News
Whale Transactions Destabilize XRP Price!
5:00 p.m. ▪ 3 min read ▪ by Luc Jose A.
The latest news regarding XRP has generated considerable attention within the crypto community. After an impressive price rally, Ripple’s flagship altcoin is going through a correction phase. This has been marked by significant whale movements. Details to come!
The influence of whale transactions on XRP crypto
XRP has recently garnered considerable interest from major holdersoften referred to as “whales.” According to on-chain data from Santiment, these major players have accumulated over 130 million XRP on crypto exchanges such as Binance, Bitso, Bitstamp, and Upbit.
This massive accumulation led to a marked increase in activity on the XRP Ledger (XRPL) network. Whale transactions resulted in an influx of new addresses and a spike in activity, signaling increased investor interest. This resurgence in activity initially supported the price of XRP, pushing it up to 63 cents.
However, after this rapid rise, a notable price correction was recorded. In early European trading on Friday, the price fell by more than 8%, reaching around 55.8 cents. Whale trading likely contributed to this volatility. Indeed, massive buying by whales can temporarily push the price up due to increased demand. However, selling or profit-taking by these major holders can cause a rapid price correction.
Technical Analysis and Price Forecast
On the technical side, a similar bullish trend as in 2017 has been observed for XRP. Analysts are hoping for a resolution of the litigation between the US SEC and Ripple Labs, which could positively influence the value of XRP. In addition, some members of the XRP community believe that Donald Trump’s re-election could benefit Ripple.
Currently, if XRP manages to hold its support level between 54 and 58 cents, a rise to 87 cents in the medium term is possible. This forecast depends on XRP’s ability to preserve these support levels and continue to attract investors.
In the long term, the XRP price stability and maintaining support levels will be crucial. Legal developments and whale behavior will play a key role in XRP’s future direction.
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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations and put into perspective the economic and societal challenges of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.