A recent $703 million XRP transfer by SBI Holdings has sparked significant interest within the cryptocurrency community.
Major XRP Transfer by SBI Holdings
Ripple partner SBI Holdings made a transfer of 320 million XRP, as reported by Whale Alert. This transfer coincided with the monthly release of 1 billion XRP from escrow, leading to speculation that SBI intended to prevent potential price declines for XRP due to increased supply.
Current State of XRP in the Market
Recently, XRP's price has been range-bound between $2.10 and $2.20, creating uncertainty for traders. However, market analyst Lingrid believes that XRP still has potential for growth as long as it holds above the $2.00 mark. She noted that "XRP is gradually rising inside a broad channel structure, approaching the descending resistance line after a series of bullish triangle formations."
Future Outlook for XRP
Crypto strategist known as DonAlt, who previously predicted a significant XRP surge in Q4 2024, suggests that the cryptocurrency may be gearing up for another bullish phase. He points to the potential for "Round 2" of growth for XRP, which is currently trading at $2.22.
SBI Holdings' large XRP transfer has sparked discussions about the cryptocurrency's future. While analysts advise caution, there are positive projections indicating potential further growth.
