A significant Ripple whale transaction has stirred speculation in the crypto market, as 167 million XRP—valued at approximately $367 million—was transferred to an unknown address amid ongoing market corrections.
Whale Activity Sparks Market Speculation
Blockchain tracker Whale Alert reported the large-scale transfer on X (formerly Twitter), prompting discussions among analysts about its implications. While some experts suggest the move could be linked to fund consolidation or an over-the-counter (OTC) trade, others anticipate a possible price rebound in the near future.
The transaction comes as XRP continues to face intense selling pressure, having dropped 5% in the past 24 hours and 20% over the past week. However, despite the downturn, trading volume has surged by 68.37%, signaling heightened market activity.
This is not the first major XRP movement during a bearish phase. Recently, another whale transfer of 150 million XRP coincided with a decline in the asset’s price. Large transfers of this nature often fuel speculation, with some traders interpreting them as a sign of accumulation ahead of a potential price recovery.
XRP’s Future: Bearish or Bullish?
Despite the prevailing bearish trend, some analysts remain optimistic. Crypto expert Dark Defender predicts that XRP could skyrocket to $333 if it mirrors its 2017 bull run.
Additionally, institutional interest in XRP appears strong, as the asset has outperformed Bitcoin and Ethereum in weekly inflows for four consecutive weeks. On-chain data also suggests growing adoption, with XRP’s weekly active addresses reaching a record high of 1.15 million.
While the market remains under selling pressure, analysts are watching a potential short-term breakout, with XRP targeting $3. The $2.70 resistance level is expected to be a key test for further gains.
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