Crypto: Whale Transactions Destabilize the Price of XRP!
The latest news about XRP has garnered significant attention within the crypto community. After an impressive price surge, Ripple’s flagship altcoin is undergoing a correction phase. This has been notably marked by significant whale movements. The details coming up!
The influence of whale transactions on XRP crypto
XRP has recently seen considerable interest from large holders, often called “whales”. According to on-chain data from Santiment, these major players have accumulated more than 130 million XRP on crypto exchanges such as Binance, Bitso, Bitstamp, and Upbit.
This massive accumulation has led to a marked increase in activity on the XRP Ledger (XRPL) network. Whale transactions have resulted in an influx of new addresses and a spike in activity, signaling heightened investor interest. This resurgence in activity initially supported the price of XRP, driving it up to 63 cents.
However, after this rapid rise, a notable price correction was recorded. Early in the European session on Friday, the price dropped more than 8%, reaching around 55.8 cents. Whale transactions likely contributed to this volatility. Indeed, massive buying by whales can temporarily boost the price due to increased demand. However, selling or profit-taking by these major holders can lead to a rapid price correction.
Technical analysis and price forecasts
On the technical side, a bullish pattern similar to that of 2017 has been observed for XRP. Analysts are hopeful for a resolution of the litigation between the U.S. SEC and Ripple Labs, which could positively influence XRP’s value. Additionally, some members of the XRP community believe that Donald Trump’s re-election could benefit Ripple.
Currently, if XRP can maintain its support level between 54 and 58 cents, a rise to 87 cents in the medium term is possible. This forecast depends on XRP’s ability to preserve these support levels and continue to attract investors.
In the long term, the stability of XRP’s price and the maintenance of support levels will be crucial. Legal developments and whale behavior will play a key role in XRP’s future direction.
