XRP Witnesses $44 Million Token Transfers; Analysts Claim XRP Poised For Significant Rally Ahead

The post XRP Witnesses $44 Million Token Transfers; Analysts Claim XRP Poised For Significant Rally Ahead appeared first on Coinpedia Fintech News

Over the last 24 hours, XRP has witnessed significant token transfers. WhaleAlert noted the two large XRP transactions totaling about 44 million XRP. Notably, both transactions involved moving substantial amounts of XRP from prominent exchanges to unknown wallets. 

XRP’s Growing Whale Activity

The most recent transaction involved the transfer of 18.7 million XRP, valued at approximately $27.2 million from Binance to an unknown wallet. Previously, another significant transfer of 25 million XRP worth around $36.7 millon from Upbit to an unknown wallet was made. 

The transfer of XRP from exchanges to unknown wallets could indicate institutional investors or whales accumulating tokens for long-term holding. It might indicate a move to cold storage, reducing available liquidity on exchanges and potentially signaling bullish sentiment, or it could be just a reshuffling of funds. However, these transfers follow a growing trend of XRP whale activity, which could be signaling towards a price rally for XRP.

According to analyst StephIsCrypto, XRP may be positioned for a significant price rally in the coming months. 

XRP To Outperform BTC?

StephIsCrypto implies that once adoption increases and the cryptocurrency reaches a wider market, XRP could potentially surge to as high as $33.21. This projection comes at a time when XRP is already experiencing a strong rally, with the token gaining 30% over the past seven days, with some analysts pointing to a potential BTC flipping.

He noted that if we see a monthly candle close above the $2 then that could trigger a massive rally to the upside for XRP, potentially to $30 plus in this bull run. He also noted that XRP could outperform Bitcoin massively over the next months.

XRP Dominance Poised To Rise

A prominent analyst, Egrag Crypto, noted that right now, XRP is facing major resistance from the Sky Dome—the descending trend line from May 2017 and July 2023. He notes that if XRP manages to break through this Sky Dome Line, then we will enter Space Expansion for XRP Dominance!

The analyst has set a bold target for XRP dominance that it could reach double-digit percentages if it surpasses key resistance levels. Egrag Crypto highlighted, if XRP breaks above 5.75% dominance, it could see a substantial rise in price, leading to a dramatic market shift.

Golden Cross for XRP!

XRP has risen 186.5% this month, breaking through a key level of dynamic resistance that has only been in place since 2018. Also, the golden cross forming on the cryptocurrency’s weekly chart may give XRP more confidence from a technical analysis perspective. Notably, the last one was for XRP in May 2021, coinciding with XRP’s price peak.

Crypto analyst Robert Doyle, known as Crypto Sensei, has made bold predictions about XRP. He notes that one of the biggest catalysts for XRP’s rise is the ongoing transition in global financial systems. Doyle also examined broader trends in the cryptocurrency market, including growing institutional interest in crypto and the shift toward tokenized value.

XRP Holders All Poised To Make Big Gains

With growing global acceptance and expanding use cases across various sectors, Crypto Sensei believes that XRP is on the verge of a massive rally, and those holding the token are all set to achieve significant gains. Remarkably, he speculated that if XRP could capture just 4-5% of the global financial market, the value of XRP could skyrocket to $30 or even $50.

Also, Ripple’s recent legal victories have played a major part in boosting investor confidence in XRP. With fewer regulatory hurdles, analysts suggest that XRP may continue its upward momentum.

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[Source: Coinpedia]