The post XRP Witnesses 44 Million Token Transfers; Analysts Claim XRP Poised For Significant Rally appeared first on Coinpedia Fintech News
Over the past 24 hours, XRP has seen significant token transfers. WhaleAlert noted two large XRP transactions totaling around 44 million XRP. Notably, both transactions involved the transfer of large amounts of XRP from prominent exchanges to unknown wallets.
The latest transaction involved the transfer of 18.7 million XRP, worth approximately $27.2 million, from Binance to an unknown wallet. Previously, another large transfer of 25 million XRP, worth approximately $36.7 million, was made from Upbit to an unknown wallet.
The transfer of XRP from exchanges to unknown wallets could indicate institutional investors or whales accumulating the tokens for long-term holding. It could indicate a move to cold storage, reducing the liquidity available on exchanges and possibly signaling bullish sentiment, or it could simply be a reshuffling of funds. However, these transfers follow an increasing trend of XRP whale activity, which could signal significant price movements soon.
According to analyst StephIsCrypto, XRP could be in a position to see a significant price surge in the coming months.
StephIsCrypto suggests that once adoption increases and the cryptocurrency reaches a wider market, XRP could surge to $33.21. This prediction 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 reversal.
It is worth noting that the growing optimism surrounding the future of XRP is partly driven by Ripple’s recent legal victories. Analysts believe that this victory could pave the way for further gains, as the broader cryptocurrency market continues to recover.
XRP Dominance Is About to Rise
Prominent analyst, Egrag Crypto, noted that XRP is currently facing significant resistance from the Sky Dome – the downtrend line from May 2017 and July 2023. He noted that if XRP can break through this Sky Dome line, we will enter a space expansion for XRP dominance!
The analyst has set a bold target for XRP dominance, where it could reach double-digit percentages if it breaks through key resistance levels. Egrag Crypto noted that if XRP breaks through 5.75% dominance, it could see a significant price spike, leading to a major market shift.
Ripple’s Legal Victory Boosts Market Sentiment
Ripple’s recent legal victories have played a major role in boosting investor confidence in $XRP . With regulatory uncertainty easing, analysts suggest that XRP could continue its upward momentum.