Whale Shifts $30M Ripple to Exchanges: Is a $0.50 XRP Dip Imminent?

• Ripple's XRP Registers Gains Amidst Legal Triumph and Large Movements
• Recent Movements of XRP Tokens Moving the Market
• Ripple XRP Expected to Maintain its Upward Price Trajectory
• XRP Predicted to Maintain Resilience
• Escalating Demand for XRP

Ripple's XRP Registers Gains Amidst Legal Triumph and Large Movements

Following Ripple's partial triumph over the SEC (Securities and Exchange Commission) in court, XRP$0.620 -1.68% has experienced a rise not only in price but also in popularity. However, the recent transfer of a substantial amount of XRP to centralized exchanges has left some investors uneasy.

Recent Movements of XRP Tokens Moving the Market

Blockchain tracker Whale Alert highlighted a recent transfer of almost 50 million XRP tokens, valued at approximately $31 million, from an unidentified digital wallet to two centralized exchanges. The wallet sent 25.20 million coins to Bitstamp, a cryptocurrency exchange based in Luxembourg City, and another 25 million to CEX Bitso. In a similar movement, the same wallet transferred 43.80 million XRP to Bitstamp and CEX Bitso on the previous day. These considerable transfers suggest that the owner of the wallet may be contemplating selling.

Ripple XRP Expected to Maintain its Upward Price Trajectory

Despite the substantial movement of coins onto exchanges, which is typically viewed as a bearish sign due to the increased potential for sale, XRP has managed to maintain a price above $0.60. In the last 24 hours, the asset has recorded a 1.6% increase, with a total increase of 12.4% over the past month. XRP, however, also registered a 6.3% drop in the past fourteen days and a 0.3% decrease over the past week.

XRP Predicted to Maintain Resilience

According to PricePredictions' machine learning algorithm, XRP is expected to continue trading above $62 for the next few weeks. The platform projects a possible decline to around $0.60 by the end of December. In contrast, CoinCodex anticipates XRP to increase to $0.82 by November 29, 2023, a potential growth of roughly 34% from its current price.

Escalating Demand for XRP

Many analysts predict a surge in XRP's price leading up to 2024, following its surge in popularity, particularly after a US court granted it the "non-security" label. The anticipation of a price surge reflects the growing investor interest in the digital asset.

Edited by Jonathan Stoker