XRP’s price is currently trading around the $0.50 mark, with recent market activity drawing attention from investors and analysts alike. According to Whale Alert on October 11, large XRP holders transferred about 81.56 million XRP to different exchanges.
This move has stirred fear of selling pressure in the market. Whereas the market remains positive on the back of Ripple’s legal strategies and the soon expected RLUSD stablecoin.
Whale Movements Raise Market Concerns
According to Whale Alert, two large transactions were made, equaling more than 81 million XRP coins. In one case 52 million XRP were transferred to the Bybit exchange from a wallet with the tag rGd..p1k, with the transaction value being $27,830,000.
– Advertisement –
The other transfer recorded involved the transfer of 29.56 million XRP equivalent to $15.62 million from one wallet to Bitso. These large transfers suggest that whales are potentially liquidating their XRP.
This as a result which leaves retail investors in awe as they watch how this affects the price of XRP in the next few days.
These movements are happening at the time of Ripple’s cross-appeal in its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC). The SEC appeal aims to defeat the final decree of the lawsuit that has been the bone of contention among crypto enthusiasts.
Although Ripple’s legal actions are intended to secure the position of its asset and bolster XRP, the recent whale activity strengthened a note of concern regarding the near-term sentiment among the largest holders of the coin.
RLUSD Launch Sparks Optimism for XRP’s Future
The upcoming release of Ripple’s RLUSD stablecoin has been a hot topic in the XRP community. Some analysts expect it to propel the XRP price to new heights of $10.
According to Levi, a popular crypto market commentator, the adoption of stablecoin can significantly enhance the XRP Ledger.
He said that RLUSD could bring in more liquidity and trading volume to the platform. This would be beneficial for DeFi and institutions.
According to Levi, with the integration of RLUSD into Ripple, institutions will be able to transact using a stable coin backed by Ripple instead of options like USDT and USDC. This could help direct more liquidity to the XRP Ledger, increase daily trading volume, and increase XRP’s profile in the overall cryptocurrency market.
Ripple’s President, Monica Long, agreed with these observations, pointing out that although RLUSD and XRP are different in their function within the payment system, they could possibly help boost the traffic on the XRP Ledger payment ecosystem. They could work together to increase the volume on the XRP Ledger.
Historical Price Patterns Point to Potential Surge
While trying to analyze the current state of XRP, some market analysts are comparing the current market with the previous market trends. LUDXRPFLR, a popular analyst with the nickname Helkin Ashi, paid attention to the fact that XRP has certain patterns in its price dynamics, which indicates that the asset is likely to break through the current range.
Ashi recalled previous periods when XRP had long bear markets and then sharp rallies. For instance, the rise from $0.0055 in early 2017 to $3.84 in early 2018.
In the views of Ashi, the current side-way movement of XRP can be likened to the past trends that have been seen right after major highs. They suggest that the currency is well-positioned to experience another massive price surge.
This view coincides with Levi’s positivity concerning RLUSD in the near future that could make XRP hit $10 per coin. But, the analysts still think that the market may again see some fluctuations in the short run, particularly due to upsurge in whale activities.
