XRP (XRP) Whale Sells 28M Coins Amid $1 Price Surge Speculations – What’s Driving the Move?

• Amid the optimistic market buzz surrounding XRP’s price potential to hit $1, a whale offloaded 28 million XRP to a CEX, underscoring increased selling pressure with some liquidations recorded.
• Despite retained bullishness by renowned analysts on XRP, a renowned XRP whale dumped XRP to an exchange.
• The continued transfer of XRP by the whale has stirred a whirlpool of speculations over the asset’s future price movements.
• XRP continues to trade with high volatility near the $0.52 mark.

XRP Whale Offloads 28 Million Tokens Amid Market Optimism

Whale Dumps XRP Despite Potential $1 Run Ahead

Notably, renowned crypto analysts have maintained a positive outlook on XRP’s potential to offer gains. They continue to express optimism about the token’s ability to surpass the $1 mark and potentially reach even more significant price levels. In fact, CoinOtag Media reported yesterday that Egrag Crypto, a well-regarded analyst, envisions XRP trading within a price range of $1.2-$1.5 in the coming weeks.

Moreover, Dark Defender, another crypto analyst, echoed this optimistic view, saying a break above the $0.64 mark paves the way for greater heights. Amid this optimistic wave set off by the analysts, the whale was recorded dumping 28.6 million XRP, worth $15.36 million, to Bitstamp. This, collectively, has birthed a torrent of inferences on XRP’s future price movements.

Meanwhile, it’s worth mentioning that speculations of the whale, …Rzn, being a Ripple-linked wallet prevail, primarily because the address started transacting significant amounts of XRP to the same CEX soon after Ripple’s strategic stake acquisition. Simultaneously, these transactions also cause an increased selling pressure effect on XRP, which could be among the factors driving its price volatility. Coinglass data showed that 24-hour liquidations totaled $812.57K, whereas the whale’s selloff undermined this value.

XRP Price Fluxes

As of writing, the XRP token’s price traded at $0.5248, down 0.62% in the past 24 hours. The token’s chart shows a highly volatile movement, with trading sessions in both red and green territories. Its 24-hour lows and highs are $0.5216 and $0.5399, respectively.

In the interim, Coinglass data illustrated heightened trading activity for XRP, with reduced investor interest, potentially due to speculative trading. XRP’s OI fell 0.16% to $613.23 million, whereas its derivatives volume rocketed 92.98% to $983.60 million. This could be further driving the token’s current turbulent price action.

Besides, the RSI surfaced at around 49, hinting at a neutral market stance for the asset. Collectively, market statistics paint an uncertain scenario of the Ripple-backed asset’s future price movements, although the analysts-birthed optimism on the token’s bull run ahead persists.

It’s also worth noting that with the FIT21 crypto bill gaining traction amid the Ripple vs SEC lawsuit, an additional layer of intrigue engulfs crypto market participants, speculating over the token’s price movements ahead.

Conclusion

In summary, while XRP continues to be a subject of significant speculation and volatility, the recent whale activity has added another layer of complexity to its price movements. Despite the optimistic projections by analysts, the increased selling pressure and market fluctuations suggest that investors should remain cautious. The ongoing developments in the Ripple vs SEC lawsuit and the FIT21 crypto bill will likely play crucial roles in shaping XRP’s future trajectory.