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May 18, 2024
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XRP Price Prediction: Whale Activity and Token Unlock Set Stage for Breakout

The post XRP Price Prediction: Whale Activity and Token Unlock Set Stage for Breakout appeared first on Coinpedia Fintech News

XRP, the cryptocurrency backed by Ripple Labs, experienced a volatile trading period around a critical support/resistance level this Thursday, mirroring a notable whale offloading activity. As per recent market data, XRP was traded at roughly $0.52 during the early hours of the London session, marking a 1.2% decrease within the last 24 hours. With a daily trading volume averaging about $1 billion, the market anticipates heightened volatility in the weeks ahead.

Here’s what you can expect.

Whale Activity Prompts Market Stir

A recent on-chain analysis by Whale Alert highlighted a substantial movement of 26.8 million XRP, valued at around $14.2 million, from an unidentified wallet to a wallet controlled by Bitstamp. The same wallet, presumed to be under Ripple’s management, also moved about 20.4 million XRP to the Bitso crypto exchange. Earlier this week, it carried out three transactions, totaling nearly $45 million, to Bitstamp.

Ripple’s Token Unlock

Ripple unlocked 1 billion XRPs from its escrow in a noteworthy turn, retaining 800 million for subsequent releases. Post a court verdict deeming its sales to institutional investors as investment contracts; Ripple has pivoted towards utilizing its crypto exchanges to overcome regulatory barriers.

Read More About This: XRP Price on the Rise as Ripple Releases 1 Billion Tokens

XRP Price Outlook

XRP’s price, which had remained stable in the midst of regulatory uncertainties arising from the SEC vs. Ripple legal battle, is expected to make a significant push towards its All-Time High (ATH) in the near future.

Nevertheless, a retracement to support levels ranging from 39 to 46 cents could occur before breaking the $1 mark – so be prepared!

Also Read: Ripple Wins Big: XRP Is Now the Only Digital Asset With Legal Clarity in the USA!

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