XRP, priced at $2.36 as of press time, has experienced a decline of 1.45% over the last 24 hours and 1.58% over the past seven days.
With a circulating supply of 57 billion XRP, the digital asset holds a market capitalization of approximately $134.57 billion. Despite recent price declines, large transactions have caught the attention of analysts and investors, suggesting potential long-term bullish sentiment.
Whale Activity Sparks Speculation
Recently, a large-scale transfer of 800 million XRP, valued at around $1.93 billion, was recorded by Whale Alert, a blockchain tracking service. The transaction, moving funds from Binance to an unknown wallet, has sparked interest due to the typical market behavior associated with such transfers.
800,000,000 #XRP (1,927,321,529 USD) transferred from #Binance to unknown wallethttps://t.co/fOCWqJhcru
— Whale Alert (@whale_alert) December 16, 2024
Analysts believe that when large amounts of cryptocurrency are moved to private wallets, it signals a shift toward long-term holding rather than selling. This behavior often suggests that investors are preparing for potential future gains, anticipating a rise in price over time.
Outflows like these could result in a supply squeeze, reducing the amount of XRP available for trading on exchanges. This scenario could limit liquidity, which, in turn, may lead to price increases if demand remains strong.
However, it remains to be seen whether this trend will continue in the coming weeks.
XRP’s Current Price Range and Market Outlook
XRP has been trading within a defined range over the past several weeks, showing signs of accumulation. Analysts have pointed to the stability in the coin’s price, which has oscillated within certain boundaries without making significant movements in either direction.
This phase of accumulation is often seen as a precursor to a price breakout when the market conditions are right.
CrediBULL Crypto, a crypto analyst, recently commented on the overall market structure of XRP, stating that it looks “clean and bullish.” According to him, the current trend is showing a strong potential for growth, especially when viewed from a broader perspective. “Big picture is incredibly and unequivocally bullish,” he noted.
Source: X
XRP’s Price Predictions for 2025
Another prediction comes from crypto analyst Steph, who has set a target price of $35 for XRP by 2025. This projection suggests a substantial 1,300% increase from current levels. According to Steph, the recent price increase and subsequent retracement align with a retest of the 2021 peak at $1.96, a critical support level.
This level is seen as the neckline of a “W” formation on the monthly chart, a technical pattern that is often associated with upward price movements.
While these projections may excite investors, it is important to note that cryptocurrency markets are volatile, and such predictions are speculative.
FAQs:
Why did XRP see a major transfer recently?
Large transfers to private wallets suggest long-term holding and potential future price gains.
What is the current price prediction for XRP?
Analysts suggest XRP could reach $35 by 2025, marking a 1,300% increase from current levels.
What does the “W” formation mean for XRP’s price?
The “W” formation on the monthly chart suggests potential upward movement in XRP’s price.
The post XRP Analysis: Whale Transfer Sparks Speculation, Could $35 Be in Sight by 2025? appeared first on Coinfomania.
