- Blockchain tracker Whale Alert revealed a 20M $XRP transaction from the Upbit exchange.
- A potential fall below the $0.5621 support level could define $XRP’s price direction.
- However, crypto analysts predict $XRP to hit $300 based on technical indicators like the Relative Strength Index (RSI).
A 20M $XRP transaction from South Korea’s top crypto exchange Upbit has stirred the crypto market’s attention and ignited speculation about the motive behind it.
Read on to discover how whale activity might impact $XRP.
Demand for $XRP Remains High in South Korea
Whale Alert revealed on Sunday that 20M $XRP (worth $11.7M) has been moved from South Korea’s crypto exchange Upbit to an unknown wallet. Large transfers like these typically are a bullish signal.
Similarly, Whale Alert shows that 30.4M $XRP (worth over $15M at the time) was transferred from Binance on June 10. Earlier this month, $XRP experienced a 2% drop after a 105M $XRP wallet transfer.
Can $XRP Sustain Momentum After SEC Victory?
$XRP has recently moved into the spotlight following Ripple’s victory in a lawsuit against the SEC and Robinhood’s decision to re-list the token on its platform.
The SEC decided not to appeal the $XRP ruling as they recently acknowledged that crypto is not a security in the Binance case.
The general outlook was bullish since the case ended despite the 24-hour chart of $XRP looking bearish.
$XRP encountered resistance at $0.59 on Saturday. Falling below the $0.5621 50-day exponential moving average (EMA) may result in further decline.
Still, $XRP, the seventh biggest crypto by market capitalization, surpassed $1.04B in trading volume over the last 24 hours despite the broader crypto market downturn.
Crypto Analysts Project $XRP to Hit $300
Rippe has partnered with major financial industry players and banks for years. In August, the Strategic Business Innovator Group (SBI) announced that banks in Japan plan to integrate $XRP into the country’s financial system by 2025.
Recent Securities Industry and Financial Markets Association (SIFMA) data shows that if $XRP were to capture 15% of the global financial market, it could rise by an unprecedented margin.
Market analyst Dark Defender projects $XRP to reach $300. Another prominent crypto analyst (JD) analyzed $XRP’s RSI, which measures price momentum to identify overbought or oversold conditions, and concluded the token is set for a price rally.
What We Learned
The recent $XRP transfer ignited speculation regarding the whales’ motivation, whether it’s a new investment or a transfer of existing assets to cold storage.
Either way, the community sentiment appears bullish. How will whale activity affect $XRP’s performance? We’ll have to wait and see.
References
- XRP Price Chart (CoinMarketCap)
- XRP/U.S. Dollar Price Chart (tradingview.com)
- Capital Markets Fact Book, 2024 (sifma.org)
- Ripple vs SEC Lawsuit Decision (CCN)
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