Whales Move 25 Million XRP, Analyst Predicts Further Drop to $0.55 Amidst Price Decline

The post Whales Move 25 Million XRP, Analyst Predicts Further Drop to $0.55 Amidst Price Decline appeared first on Coinpedia Fintech News

The cryptocurrency market experienced a 2.58% reduction in its capitalization over the past 24 hours. Not just Bitcoin and Ethereum, but XRP also felt the heat with a noticeable drop in its price.

What caught the analyst’s eyes was a hefty move of 24.60 million XRP to Bitstamp, a big crypto exchange, happening at the same time as the price drop.

25 Mln XRP Transfer To Bitstamp

Whale Alert, a platform monitoring on-chain data, recently reported a transaction involving the movement of 24.60 million XRP to Bitstamp. The transfer, initiated by an unknown wallet address, occurred on December 18 despite the ongoing price drop in its value. 

Perhaps, this unknown wallet has been consistently involved in large-scale XRP transfers to CEXs (centralized exchanges) in recent days. However, the recurring nature of XRP transfers to Bitstamp and Bitso has become notable, particularly after Ripple’s strategic acquisition of stakes in these exchanges. 

Meanwhile, the latest drop in XRP’s price has sparked various speculations across the broader crypto market, contributing to bearish sentiments for the token.

XRP Price: Awaiting a Correction?

Crypto analyst Ali on X has some thoughts about where XRP’s price might be headed. Ali thinks that if XRP keeps moving towards the $0.75 target, we might see a step back, maybe around $0.55. 

Moreover, the analyst notes that XRP is navigating within an ascending parallel channel, and a rejection at the channel’s mid-line could prompt a retracement towards the lower boundary at $0.55.

Currently, XRP is experiencing a 1.57% decrease in the last 24 hours, settling at $0.6062. Additionally, the token has seen a 3.56% decline over the past week, reflecting the prevailing bearish sentiment surrounding the token.

Mixed Feelings Despite Clearer Rules

While many traders hold optimistic views, anticipating a favorable resolution in the Ripple lawsuit with the U.S. Securities and Exchange Commission (SEC), opinions remain divided. The Ripple IPO and the potential approval of a spot Bitcoin ETF add to the uncertainty. However, some folks think that regulatory concerns might be less influential than other contributing factors.

Panos Mekras, co-founder of Anodos Finance, echoed this sentiment, asserting that the Ripple lawsuit’s impact on XRP’s price has diminished.

If that's what most $XRP holders are waiting for and are excited for, I strongly disagree with them. I don't think what happens to the Ripple case matters for XRP itself anymore. XRP has been cleared, it's not a security, the ecosystem moves on along with the hundreds of projects… https://t.co/U6w5OkCVNm

— Panos {X} (@panosmek) December 17, 2023

He emphasized that XRP has been cleared of security status, allowing the ecosystem to progress with numerous projects building on its foundation.