Analyst Predicts XRP Price to Reach $2 Amid Massive Whale Movements
Despite the decline in XRP price today, native token ripple remains at the forefront as top analysts predict a potential price increase. Leading market experts predict a bullish reversal in XRP, which will potentially push XRP to the $2 level.
Notably, this optimism is fueled by significant whale activity, indicating an imminent breakout in prices. As XRP prepares for this potential rally, the crypto community is carefully monitoring the evolving dynamics.
Analysts Predict XRP Price to Reach $2
Captain Faibik, a well-known crypto market analyst, stated in a recent analysis that XRP may have already reached its lowest point. He also said that XRP is on the verge of witnessing a reversal trend, potentially pushing its prices to new highs. Additionally, Captain Faibik set the medium-term XRP price target at $2.
In a recent post, X shared his prediction along with the XRP price chart. Notably, this prediction comes at a time when whale activity is increasing in the XRP market, with major holders transferring significant amounts of tokens and triggering speculation that prices will recover.
Source: Captain Faibik
On the other hand, another influential analyst, EGRAG Crypto, also reiterated a similarly optimistic perspective for XRP. In a series of posts, EGRAG highlighted technical indicators that showed a significant uptrend.
Source: EGRAG CRYPTO, X
Meanwhile, he noted that XRP’s dominance could challenge key resistance levels and potentially lead to a significant price increase. Earlier, citing historical data and Fibonacci retracement levels, EGRAG CRYPTO predicted that the XRP price would reach $7.5.
Source: EGRAG CRYPTO, X
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Whale Movements Fuel More Speculation
Recent whale activity surrounding XRP has further fueled the bullish trend. According to data from on-chain transaction tracker Whale Alert, around 120 million XRP tokens were recently moved in four major transactions.
According to Whale Alert, a whale identified by the wallet address “rfQ9E…k8Cvi” accumulated 28.89 million XRP from Binance. However, in the second transaction, another whale dumped 24.04 million XRP, worth approximately $11.29 million, onto bitso Exchange.
Simultaneously, the same whale transferred 31.8 million XRP worth $14.94 million to bitstamp again today. However, in the last transaction, a whale with the wallet address “rhWj9…FLQkK” collected 32.40 million XRP worth $15.12 million from binance.
Meanwhile, such cryptocurrency accumulations often signal strategic positioning by large holders, potentially signaling an impending price rally. Many market observers predict that these whale transactions will pave the way for a significant rally, in line with bullish predictions from market experts.
However, as of press time, the XRP price is down 1.17% to $0.4676 amid a broader market downturn. With a market value of $26.04 billion, the crypto reached $0.4756 in the last 24 hours. On the other hand, XRP Futures Open Interest signaled a neutral sentiment, while Options Open Interest increased by more than 15.02% to $290.99 thousand.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
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