The post XRP Witnesses $44 Million Token Transfers; Analysts Claim XRP Poised For Significant Rally 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.
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. nevertheles, these transfers follow a growing trend of XRP whale activity, which could be signaling important price movements soon.
According to analyst StephIsCrypto, XRP may be positioned for a significant price rally in the coming months.
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.
Notably, the growing optimism surrounding XRP’s future 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 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.
Ripple’s Legal Victory Boosts Market Sentiment
Ripple’s recent legal victories have played a key part in boosting investor confidence in XRP. With fewer regulatory uncertainties, analysts suggest that XRP may continue its upward momentum.