XRP price in the last 24 hours has been bearish after failing to breach the resistance level at the intraday high of $1.14. Amid this price correction, XRP whales have moved over 210 million tokens in two significant transactions. The transfers coincide with rising speculation about a potential partnership between Ripple and Cardano.
XRP Whales Transfer Over $210 Million in Two Transactions
Data from Whale Alert revealed two large XRP whale transactions in the past 24 hours, totalling 210,930,712 tokens. In the first transfer, 110,930,712 XRP (worth approximately $123.59 million) was moved from Binance to an unknown wallet. In the second, 100,000,000 XRP (valued at $110.17 million) was sent between two unknown wallets.
Such large-scale movements of XRP tokens by whales often signal strategic repositioning ahead of major market developments.
These transactions come as the XRP market shows signs of bullish momentum despite the recent price correction. Analysts are closely watching whale activity, which could hint at upcoming market changes.
The whale transactions also coincide with increased speculation about a possible collaboration between Ripple and Cardano. Consequently, the recent interactions between Ripple CTO David Schwartz and Cardano founder Charles Hoskinson have fueled rumors of a partnership.
Bullish Indicators Persist in XRP Price Trend
Despite recent bearish price action, technical indicators point to potential bullish momentum for XRP. On the 24-hour price chart, XRP has formed a golden cross pattern, with the 50-day moving average (MA) crossing above the 200-day MA. This technical setup is often seen as a sign of a prolonged upward trend.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains in the positive region, and its histogram suggests growing bullish strength.
These factors imply that XRP’s current rally may not yet be over, and whales could be positioning themselves for a potential breakout to the upside. Analysts predict that if XRP breaks above $1.14, it could pave the way for further gains.
Analysts Predict Potential XRP Breakout
Amid these XRP Whale developments, crypto analysts remain optimistic about the coin’s long-term prospects. Popular analyst CrediBULL Crypto has projected that XRP could reach as high as $20 during this market cycle. Concurrently, other crypto analysts continue to express confidence in XRP’s long-term potential, citing its historical performance and new market conditions.
Moon Lambo, a crypto commentator, noted that XRP reached $2 in the last market cycle despite being under regulatory pressure from the SEC. Now, with legal clarity following Ripple’s partial court victory, many believe XRP price could exceed its previous highs.
Moon Lambo remarked, “Isn’t it absurd to think that price won’t be surpassed this cycle now that there is legal clarity?” He also pointed out that XRP delivered a 20x rally in the previous cycle and suggested that this cycle could see even greater gains, as more capital flows into the crypto market.
Subsequently, analysts Moon Lambo has indicated plans to scale out at prices between $5 and $8, with the possibility of holding a portion for a $10 or higher valuation siding with CrediBULL Crypto prediction.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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