XRP witnesses $44 million in token transfers; Analysts say XRP is ready for a major rally
In the last 24 hours, XRP has seen significant token transfers. WhaleAlert observed the two largest XRP transactions that totaled around 44 million XRP. Notably, both transactions involved the transfer of large amounts of XRP from popular exchanges to anonymous wallets.
XRP's growing whale activity
The most recent transaction involved the transfer of 18.7 million XRP from Binance to an unknown wallet, valued at approximately $27.2 million. Previously, another significant amount of 25 million XRP worth around $36.7 million was transferred from Upbit to an unknown wallet.
Transferring XRP exchange to anonymous wallets may indicate signs of long-term holding by institutional investors or whales. It could indicate a move to cold storage, reducing the amount of cash on exchanges and bullishness, or it could just be a change in currency. However, these moves follow the growing XRP whale activity, which could be a sign of a price rally for XRP.
According to analyst Stephs Crypto, XRP could be set for a significant price rally in the coming months.
StephIsCrypto suggests that XRP could rise to $33.21 if adoption increases and the cryptocurrency reaches a wider market. This prediction comes as XRP is already experiencing a strong rally, with the token gaining 30% in the last seven days, and some analysts are indicating that it could flip to BTC.
XRP dominance is about to increase.
Noted analyst Egrag Crypto says that XRP is currently facing strong resistance from the Sky Dome – the descending trend line from May 2017 and July 2023. Enter Space Expansion for XRP Domination!
The analyst has set a bullish target for XRP dominance that could reach double-digit percentages if it breaks key resistance levels. Egrag Crypto highlighted that if XRP breaks above the 5.75% dominance, it will see a significant price increase, leading to a dramatic market reversal.
Golden cross for XRP!
XRP has increased by 186.5% this month, crossing a key level of volatile resistance that has only been around since 2018, and the golden cross forming on the weekly chart of the cryptocurrency can give XRP more confidence from the point of view of technical analysis. Notably, the last one for XRP was in May 2021, coinciding with XRP's price peak.
Crypto analyst Robert Doyle, known as Crypto Sensei, has made bold predictions about XRP. He mentioned that one of the major contributors to the growth of XRP is the ongoing transition in the global financial system. Doyle explored broader trends in the cryptocurrency market, including growing institutional interest in crypto and the shift to alternative value.
XRP holders are all set to make huge profits.
As it continues to gain global acceptance and expand use cases across multiple sectors, Crypto Sensei believes XRP is on a major rally, and all holders of the token are poised for significant gains. Surprisingly, he estimated that if XRP can capture only 4-5% of the global financial market, the price of XRP can increase to $30 or even $50.
Ripple's recent legal victories have played a major role in increasing investor confidence in XRP. With fewer regulatory hurdles, analysts suggest XRP could continue its upward momentum.
