- XRP Whales' Massive Dump
- XRP Price Drop and Predictions
- Long-term Prospects for XRP
XRP whales have once again caused a stir in the crypto market by moving hundreds of millions of tokens to centralized exchanges ahead of Ripple's $125 million settlement in the SEC lawsuit.
XRP Whales' Massive Dump
According to Whale Alert, XRWhales dumped 114.34 million tokens to centralized exchanges over the past day. Specifically, 54.34 million XRP was moved to exchanges Bitstamp and Bitso by the renowned Ripple whale address …Rzn. Concurrently, data as of August 29 shows that address rPz2.. dumped 60 million tokens to Binance. These transactions signify increased selling pressure on the asset, coinciding with the token's current price decline.
XRP Price Drop and Predictions
Currently, the price of XRP has dropped by 1.5%, trading at $0.5651. The 24-hour range was between $0.5593 and $0.5754. The price decline aligns with the significant token dumps mentioned above. However, despite the decline, crypto analyst Egrag predicts a substantial rise in XRP price to $27, based on breaking the resistance at $0.75 using Fibonacci analysis.
Long-term Prospects for XRP
Additionally, another analysis predicts an uptrend for XRP, citing Ripple's recent legal maneuvers and bullish on-chain metrics. Crypto market participants remain highly attentive to XRP, expecting further price movements.
The activity of XRP whales ahead of Ripple's settlement with the SEC has garnered market attention. Although current price movements are negative, long-term forecasts remain optimistic.
