The crypto community is abuzz with discussions surrounding a major XRP transfer from Ripple to an unknown address. The substantial amount of 300 million XRP has led to numerous speculations regarding the company's motives and potential market impact.
Brief History of XRP Movement
Recently, Ripple executed a significant transaction by transferring 300 million XRP—valued at approximately $682.6 million—to an unknown wallet. The average transaction price was $2.275 per XRP. This event drew attention to the company and sparked numerous speculations about its future actions.
XRP Price Predictions
Analyst Ali highlighted two promising entry points for XRP traders. The first is at the rising trendline located at $2.05, which serves as a key support zone and potentially favorable entry point. The second is at $2.50, indicating a breakout above the pennant, which signifies a strong continuation of the uptrend. The main price target remains at $10.
End of Correction Phase
Analyst Dark Defender suggests that XRP is nearing the end of its correction phase on shorter time frames, like the 4-hour or daily charts, which aligns with its historical behavior. Analysis of technical indicators, such as the Relative Strength Index (RSI), confirms the long-term positive trend.
The large XRP transfer and the positive technical dynamics have sparked interest in the future developments of Ripple and XRP: a possible continuation of growth and the end of current correction phases.
