Tuesday, March 28, 2023

XRP Price Analysis: Large XRP Transactions by Whales Spark Speculation of Possible Price Surge


The XRP market continues consolidating in a wedge formation with a horizontal base since hitting 2022’s rock bottom in June. With the bulls unable to convert the multi-week resistance trendline to a support level, a possible price correction is looming in the coming weeks.

Moreover, the SEC seems to be gaining ground over crypto regulations after charging Kraken with selling unregistered securities through its staking services. According to SEC Chair Gary Gensler, everything else apart from Bitcoin has the characteristics of securities and needs to be registered under financial security law.

“Everything other than bitcoin,” Gensler recently noted, “you can find a website, you can find a group of entrepreneurs, they might set up their legal entities in a tax haven offshore, they might have a foundation, they might lawyer it up to try to arbitrage and make it hard jurisdictionally or so forth.”

The XRP market has consolidated on a macro-timeline, and analysts forecast the breakout on either side will be enormous. Moreover, the Ripple vs SEC ruling is coming closer by the day.

XRP Whales Increases On-chain Activity

Despite the increased risks in holding XRP, on-chain data shows whales are busy transferring vast amounts of coins from one Wallet to another. According to on-chain data from whalestats, the top 100 Binance Chain whales are holding XRP coins in the second position. Notably, Binance is the largest cryptocurrency exchange by daily traded volume in the world, thus making their whales crucial in the market.

???? The top 100 #BSC whales are hodling

$63,784,004 $LYO
$27,996,496 $XRP
$20,945,818 $USDZ
$20,519,180 $PALLA
$17,659,363 $SFP
$13,974,052 $PHB
$12,812,143 $ALPINE
$12,410,093 $MBOX

Whale leaderboard ????https://t.co/0SYnjw0xQs pic.twitter.com/T4OzcjWgK1

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 23, 2023

Additionally, whale_alert from Twitter identified three large XRP transactions worth over $90 million, all transferred to unknown wallets. 

Meanwhile, XRP takes pride in over $19,838,588,344 in market capitalization and a 24-hour traded volume of about $934,383,146

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XRP, one of the three biggest digital assets in the world, saw a significant increase in large XRP transactions. Over the weekend, Whale Alert—a crypto-focused transaction monitoring site—noted five transfers of 850 million XRP from Ripple Wallets to crypto exchanges. The large XRP transfers sparked speculation of a possible price increase for the digital asset.

An analysis of the recent large XRP transfers reveals that two of the transfers originated from Ripple’s escrow wallet, while the other three came from XRP OTC distribution wallets. The transfers totaling nearly 5 billion XRP constituted roughly 4.26% of Ripple’s total XRP supply.

Industry experts suggest that the large XRP transactions by whales could signal a possible price increase, as they may represent an accumulation of XRP in anticipation of higher values. In addition, the transactions may signal that Ripple plans to increase its holdings of XRP.

XRP has been struggling in the past two months, especially during the recent flash crash, when the digital asset dropped by more than 25%. However, the digital asset has seen an upswing in the past few days, with XRP now trading at around $0.32, representing a 10% increase in the digital asset’s value since the start of the month.

Experts suggest that the recent large XRP transactions by whales could provide a boost for the digital asset, leading to higher prices in the near future. XRP holders are advised to closely monitor the market, as any new bullish news could spark a surge in XRP prices. However, investors should also remain vigilant and cautious, as the digital asset is highly volatile and any severe price drops could lead to significant losses.

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