Altcoin
XRP Price Eyes Rally To $7 As Whales Shuffle $283M
XRP’s price has experienced notable activity following a bearish trend in the past 24 hours. During this period, XRP’s price fluctuated between an intra-day high of $2.57 and a low of $2.34. Meanwhile, Ripple has announced the launch of its Ripple USD (RLUSD) stablecoin, scheduled for December 17, which is expected to enhance liquidity and adoption.
Amid these developments, large XRP transfers by whales have added to the market’s excitement, with some analysts anticipating a rally toward $7.
Whale Activity Sees $283M XRP Shifted
Significant whale movements have been recorded in the past 24 hours, with millions of XRP transferred between wallets. Notably, 120,000,000 XRP, worth approximately $283 million, was transferred from Binance to an unknown wallet.
Earlier in the day, an even larger transaction of 800,000,000 XRP, valued at $1.93 billion, was reported from Binance to another unidentified wallet.
These large transfers suggest active participation by institutional investors and high-net-worth individuals. Whale activity often signals strategic moves that could affect market sentiment. Analysts believe such transactions could indicate long-term confidence in XRP’s value, especially in the context of upcoming developments like the RLUSD stablecoin launch.
Ripple has however confirmed the launch of its much-anticipated stablecoin, RLUSD, which will be available on December 17 pledging to provide monthly third-party attestations to ensure transparency and build trust with users.
Analysts Predict XRP Price Rally to $7
As market activity intensifies, analysts are making bold price predictions for XRP. Technical analyst EGRAG Crypto noted that XRP’s daily chart shows strong bullish momentum. According to the analyst, if current patterns hold, XRP could target the $7 to $8 price range.
EGRAG Crypto also stated that XRP’s breakout may depend on Bitcoin’s performance, predicting that Bitcoin must reach $120,000 to $130,000 before XRP sees its next significant move. Meanwhile, derivatives trading volume for XRP has surged by 84% to $13.07 billion, with open interest rising by 6% to $3.80 billion, indicating heightened trader interest.
Additionally, analyst CrediBULL has maintained an optimistic long-term outlook for XRP, suggesting it could reach a $1.2 trillion market cap by early 2025. Currently trading at $2.51 with a market cap of $143 billion, XRP would need an 800% surge to hit a $22 price target within the timeline.
XRP’s Market Momentum Gains Institutional Attention
Institutional interest in XRP continues to grow, with digital asset investment products reporting strong inflows. CoinShares’ latest research reveals $145.8 million worth of XRP was purchased last week, marking an increase from $134.3 million the previous week.
The ongoing bullish sentiment around XRP has also been fueled by expectations of regulatory clarity following SEC Chair Gary Gensler’s resignation. Moreover, Ripple’s prolonged legal battle with the SEC is nearing a critical juncture, with the agency expected to file its principal brief by January 15.
Meanwhile, crypto firms such as Bitwise and WisdomTree have filed for XRP ETF approvals, further indicating increasing confidence in XRP’s prospects which may bolster its price rally as noted by the analyst.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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