XRP's price has garnered attention after Ripple transferred $250 million worth of XRP. This move comes amid bullish forecasts for the cryptocurrency, with some analysts predicting a potential parabolic rally following Donald Trump's presidential election victory.
Impact of Ripple’s $250 Million Transfer on XRP Price
Ripple recently transferred 470 million XRP, valued at $250 million, to an unidentified wallet (rP4X2…sKxv3). Subsequently, 100 million XRP from this wallet was moved to another address (rhWt2…E32hk). The intent behind this large transfer remains unclear but could be associated with Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal.
This development follows a significant movement by XRP whales, who transferred $814 million, suggesting accumulation activity. While the transfer could be conducted over-the-counter (OTC) and might not directly impact XRP's market price, it could still generate a bearish sentiment among investors.
Bullish Sentiment Amid Trump’s Election Victory
Despite potential concerns, analysts maintain confidence in XRP’s bullish outlook. Following Trump’s win, crypto analyst StephIsCrypto predicted a major rally, suggesting XRP could surge over 3,336% and exceed $2. Crypto analyst Amonyx, in an X post, projected that XRP could reach above $20 by year-end, attributing this potential surge to the expected removal of SEC chair Gary Gensler.
Gensler's departure is viewed as favorable for XRP, as he has been a central figure in the prolonged legal battle with Ripple, which has contributed to investor uncertainty. With the anticipated end of the SEC lawsuit, market sentiment could turn positive, encouraging more investment in XRP. Analyst Ross Vandermeer also predicted a potential rise in XRP's price to $1,000 following Trump’s election victory.
Ripple CEO Brad Garlinghouse has called on the incoming president to remove Gensler on his first day, aligning with Trump’s earlier campaign statements. Ripple’s Chief Legal Officer, Stuart Alderoty, also urged Trump to end the "regulation-by-enforcement" strategy to position the U.S. as a leader in the crypto industry.
#Therapydogcoin #AltcoinsAreBack #SUIHitsATH
