NewsletterXRP News: Ripple Whale Moves $367M Amid Market Crash, What Next?
Highlights
- An XRP whale has moved $367 million worth of coins to a new address.
- The move has piqued the interest of investors over potential accumulation spree or a mass sale.
- XRP has shed a nearly 5% of its value over the last day but bulls are readying themselves for a rally.
A Ripple whale has moved a sizable amount of XRP between addresses, triggering speculation over the asset’s price action. The unknown whale transferred over 167 million XRP in the middle of a massive price correction but experts say a reversal is on the horizon.
Ripple Whales Are Jostling For Position Amid Market Crash
According to an X post by Whale Alert, a Ripple whale is stirring up dormant XRP tokens in the middle of a price correction. The Ripple whale has transferred over 167 million XRP worth $367 million to an unknown address in a single transaction.
The move has caught the eye of market participants as they try to rationalize the transfers. Optimists are tagging the transfer as a mere consolidation of funds in anticipation of even larger whale acquisitions. On the other hand, pessimists say the movement could signal an over-the-counter trade given the sheer volume of the transfer.
XRP price is facing significant selling pressure, losing nearly 5% over 24 hours. The asset has lost a staggering 20% in the last 7 days but daily trading volumes are up by 68.37.
Barely three days ago, whales moved 150 XRP as prices began their steep descent in anticipation of a potential correction.
Experts See Better Days Ahead For XRP Price
Despite the grim market sentiments for XRP, experts say the asset is ripe for a big rally. Crypto analyst Dark Defender disclosed that XRP can reach $333 in a repeat of its 2017 bull run.
In upbeat XRP news, weekly inflows are outpacing Bitcoin and Ethereum for the fourth straight week straight. Institutional interest in XRP is buoyed by several factors including the Crypto Strategic Reserve announcement and the SEC’s acknowledgment of ETF filings.
While prices continue to wallow under selling pressure, XRP weekly active addresses have reached a new all-time high of 1.15 million. In the short term, XRP has its sights on the $3 price point but will have to surpass resistance at the $2.70 mark.
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