XRP’s price may face selling pressure as Ripple transfers $250 million worth of XRP, alongside another large transaction of $53 million from a whale.
Highlights
- XRP’s price faces scrutiny after Ripple’s $250 million transfer.
- This move coincides with XRP whales accumulating $814 million worth of XRP.
- Analysts are optimistic about XRP’s potential growth following Donald Trump’s election win.
XRP’s price is under focus after Ripple recently moved $250 million in XRP to an unknown wallet. This comes amid bullish forecasts, with some analysts predicting a potential parabolic rise in XRP following Trump’s victory.
Is XRP’s Price at Risk After Ripple’s $250 Million Transfer?
Ripple’s transfer of $250 million worth of XRP, moving 470 million XRP to a new wallet, has raised concerns of possible price impact. Since the unknown wallet has since moved 100 million XRP to another address, the purpose of this transaction is unclear. It could be tied to Ripple’s On-Demand Liquidity (ODL) services or the SEC’s ongoing appeal.
The transfer follows a large accumulation by XRP whales, totaling $814 million. While analysts suggest that this move may not immediately affect XRP’s price as it may occur over-the-counter (OTC), it could still create cautious sentiment among investors.
Nevertheless, some analysts remain bullish on XRP’s prospects after Trump’s election victory. Crypto analyst StephIsCrypto has projected a potential rise of over 3,336%, expecting XRP to reach above $2.
Predictions for XRP to Hit $20 By Year-End
Crypto analyst Amonyx has suggested that XRP could surpass $20 by the end of the year. The analyst attributes this potential surge to the likely dismissal of SEC chair Gary Gensler, following Trump’s win. Gensler’s removal is seen as positive for XRP, as his tenure included the extended legal battle against Ripple, which may have hindered XRP’s growth.
Without Gensler, the Ripple lawsuit could end, possibly boosting investor confidence in XRP. Analyst Ross Vandermeer also suggested that XRP could ultimately reach $1,000, buoyed by Trump’s election.
Ripple CEO Brad Garlinghouse recently urged Trump to dismiss Gensler immediately, while Ripple’s CLO Stuart Alderoty called for a halt to regulation by enforcement, aiming to establish the U.S. as a leader in the crypto space.
