Ripple has been in an aggressive legal battle with the United States Securities and Exchanges Commission (SEC) and has recorded partial wins in the court hearings. The XRP parent company has been in the spotlight amid recent developments in the case, and investors have been undecided on their stand, some believing it is intended to display a bull trend.
However, recent moves by XRP whales have raised questions and affected investors’ confidence in the digital asset. The implications of these moves by the whales are yet to be discovered as market analysts wonder whether the XRP market price will drop back to $0.50 following the large transfers.
Ripple whales move millions worth of XRP
Ripple has been on the buzz following crypto whales’ large transfer of $30 million worth of the token to central exchanges. This has raised concerns among various investors, and wonder if its price will plummet.
Following reports by Whale Alert, a blockchain market analysis firm, a transfer of almost 50 million XRP tokens was exchanged to centralized financial firms, estimated a total of $31 million in the transfer.
The tokens were exchanged to the Luxembourg City-based crypto exchange Bitstamp, which received 25.20 million tokens. CEX Bitso received 25 million coins. On Friday, November 24, the same Ripple wallet transferred 43.80 million XRP tokens between the two exchanges.
The transfers have signaled that the whale intends to sell its holdings, and this might impact the XRP market price in the long run. Moreover, the move is attributed to a bearish development that increased the possibility of XRP sales.
In total, the whale has transferred over 100 million XRP to central exchanges, and this is a significant amount that could injure its market price; experts wondering if it will retrace Ripple back to $0.50. Will this happen?
Implications of the 100 million XRP whale transfer
Currently, XRP is tagged at $0.6228, and implications of the whale’s transfers haven’t been realized yet, but looks like a bearish move is brewing since its price has dropped by 0.04% in the past day. Its trading volume has also plummeted by 19.39%. However, it’s still topping a 3.81% weekly gain, according to CoinMarketCap.
Regardless of the huge transfers, Ripple’s XRP is still holding above $0.60 with a monthly gain of 14.31%. However, the price might dip following a drop in its weekly trading volume, which has recorded a 19.41% drop.
Based on data provided by PricePredictions, a machine learning algorithm, XRP intends to continue a trade support level above $0.62 for the coming 14 days. The plummeting in price is expected in the last week of the year, and this price could drop to $0.60.
Other experts added their analysis, and CoinCodex predicts that XRP will surge to $0.82 by November 29 this year. The prediction would account for a 34% growth in price from its current levels.
In the long run, these analyses predict that XRP’s market value could surge in 2024, based on the increase in popularity. The news around the digital asset will also affect its price based on the victories tagged to the legal case. The US Court also labeled the asset as a “non-security,” and this also increased its popularity among crypto investors.
Other crypto assets have seen a growth in market value, and Bitcoin has been the dominant player following the anticipation of its price rising to $40,000. XRP’s rival, Stella, has also seen a rise in its value by 0.59% over the past 24 hours.
