287 Million Token Move from XRP Whales: Is This a Harbinger of Potential Price Increase?

XRP

In a recent series of massive transactions, XRP coin whales made waves in the crypto market by transferring significant amounts of digital assets. The transactions witnessed approximately 287 million XRP tokens changing hands. Furthermore, such transfers have sparked speculation among investors and analysts about the potential impact on the XRP price.

XRP Whales are Shifting Massive Reserves

According to data from Whale Alert, approximately 158,473,000 XRP, equivalent to about $77.33 million at current market prices, was transferred by a whale. This transaction was initiated from an unknown wallet to the popular crypto exchange Binance. The significant movement of XRP from a wallet to an exchange has sparked speculation of potential downward pressure on the digital asset’s price, leading to selling speculation.

However, the transactions didn’t stop there. Three subsequent transfers, each consisting of 33.3 million XRP and totaling approximately $49.89 million, were made from Binance to unknown wallets. This movement indicates an accumulation pattern by XRP whales, signaling a bullish sentiment towards XRP and potentially catalyzing future price increases.

Furthermore, a whale sold 28.94 million XRP tokens, valued at $14.22 million, in a transfer from an undisclosed wallet to the Bitstamp exchange. In light of these developments, crypto analyst Andrew Griffiths emphasized the importance of XRP closing above $0.60 to sustain its upward momentum. He noted that XRP has been consolidating in a triangle formation since 2017, indicating a period of price stability before a potentially explosive breakout.

Griffiths also predicted that once XRP breaks out of this triangle formation and surpasses $1.20, it could pave the way for an all-time high. Drawing parallels with the price action seen in 2017, he suggested that a similar upward trajectory could be possible for XRP in the near future.

Despite these optimistic forecasts, Griffiths acknowledges the prevalent negative sentiment surrounding the digital asset and the challenges faced by XRP investors. He suggests that past controversies and regulatory scrutiny may have deterred some traders.

XRP Price is Recovering

Amidst the frenzy of accumulation and dumping by XRP whales, the crypto price has recorded a significant recovery. As of the time of writing, on April 17th Wednesday, the XRP price rose by 2.03% to $0.5004. The Ripple-backed crypto had a market capitalization of $27.58 billion.

Despite the large whale transactions, XRP’s 24-hour trading volume decreased by 26.06% to $1.71 billion. Meanwhile, Bill Morgan, a pro-XRP lawyer, expressed optimism about the future trajectory of XRP price. Furthermore, Morgan continues to highlight the recovery potential of XRP against Bitcoin (XRP/BTC).

Despite XRP’s consistent decline against Bitcoin and Ethereum, Morgan pointed to significant recoveries in the XRP/BTC chart according to historical patterns. Morgan emphasized the importance of not overlooking the potential for a recovery, stating, “Although XRP has experienced steady declines against Bitcoin and Ethereum in recent weeks, it is important not to overlook the potential for a recovery.”

Highlighting the significant historical declines of XRP against Bitcoin, Morgan underscores XRP’s resilience in experiencing significant recoveries during market fluctuations. Additionally, he noted a bounceback scenario for XRP.

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