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Will XRP Price Rally As Ripple Whales Move $300 Million?

Ripple whales have moved $300 million, while analysts have stated that the XRP price needs to hold above $2.65 for the next rally.
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Will XRP Price Rally As Ripple Whales Move $300 Million?

Highlights

  • A Ripple Whale moved 94 million coins from one unknown wallet to another unknown wallet.
  • Another investor moved 29.5 million coins from an unknown wallet to Coinbase.
  • Crypto analyst Egrag Crypto stated that the XRP price needs to hold above $2.65 for the next leg to the upside.

The XRP price is in focus, having dropped below the $2.5 level amid an ongoing broader crypto market correction. Amid this decline, Ripple whales have moved just over $300 million, with one of these transactions providing a bullish outlook for the altcoin. However, analysts have revealed the level XRP needs to hold above to enjoy another leg to the upside.

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Ripple Whales Move 123 Million Coins

Whale Alert data shows that two Ripples have moved over 123 million coins today, which indicates mixed sentiments among investors based on the transaction pattern.

The first whales transferred 29.57 million XRP from an unknown wallet to the top crypto exchange, Coinbase. Transfers to exchanges are typically bearish, as they indicate an intention to offload these coins.

However, the second transaction is bullish for the XRP price, as this whale looks to be accumulating for the long term. In the second transaction, the Ripple whale moved 94.3 million coins ($232 million) from an unknown wallet to another unknown wallet.

Moreover, as CoinGape reported, Whale accumulation is on the rise as the number of addresses holding a minimum of 10,000 XRP has grown from around 281,000 to 300,000. These investors play an integral role in any price rally as massive demand usually triggers a spike in value.

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Will The XRP Price Rally?

In an X post, crypto analyst Egrag Crypto stated that the $2.65 level is the key to the next big move. This echoes crypto analyst CasiTrades’ analysis, in which she highlighted this price range as being key.

As part of her analysis, she stated that if XRP breaks and holds above $2.69, it will open the door for an explosive move toward $3 and above. However, if the level holds as resistance, the altcoin could see a short-term dip to around $2.30 for a reset.

Meanwhile, in another post, Egrag Crypto noted that XRP could either retest or break the trendline at around $2.4. His accompanying chart showed that a successful retest could send the altcoin above $3.6

Crypto analyst Ali Martinez highlighted $2.38 as the key support zone to watch out for. However, he indicated that if the XRP price can hold above its current levels, then it won’t have an issue recording a parabolic upside as there are “no major resistance clusters ahead.”

Analyst MikyBull Crypto stated that his target for XRP in this market cycle is between $4 and $6. He made this prediction as Ripple’s President, Monica Long, met with UAE officials to discuss a potential collaboration in expanding digital payment infrastructure.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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