The XRP price is in focus, having dropped below the $2.5 level amid an ongoing broader crypto market correction. Amid this decline, Ripple whales have moved just over $300 million, with one of these transactions providing a bullish outlook for the altcoin. However, analysts have revealed the level XRP needs to hold above to enjoy another leg to the upside.
Ripple Whales Move 123 Million Coins
Whale Alert data shows that two Ripples have moved over 123 million coins today, which indicates mixed sentiments among investors based on the transaction pattern.
The first whales transferred 29.57 million XRP from an unknown wallet to the top crypto exchange, Coinbase. Transfers to exchanges are typically bearish, as they indicate an intention to offload these coins.
However, the second transaction is bullish for the XRP price, as this whale looks to be accumulating for the long term. In the second transaction, the Ripple whale moved 94.3 million coins ($232 million) from an unknown wallet to another unknown wallet.
Moreover, as CoinGape reported, Whale accumulation is on the rise as the number of addresses holding a minimum of 10,000 XRP has grown from around 281,000 to 300,000. These investors play an integral role in any price rally as massive demand usually triggers a spike in value.
Will The XRP Price Rally?
In an X post, crypto analyst Egrag Crypto stated that the $2.65 level is the key to the next big move. This echoes crypto analyst CasiTrades’ analysis, in which she highlighted this price range as being key.
As part of her analysis, she stated that if XRP breaks and holds above $2.69, it will open the door for an explosive move toward $3 and above. However, if the level holds as resistance, the altcoin could see a short-term dip to around $2.30 for a reset.
Crypto analyst Ali Martinez highlighted $2.38 as the key support zone to watch out for. However, he indicated that if the XRP price can hold above its current levels, then it won’t have an issue recording a parabolic upside as there are “no major resistance clusters ahead.”
Analyst MikyBull Crypto stated that his target for XRP in this market cycle is between $4 and $6. He made this prediction as Ripple’s President, Monica Long, met with UAE officials to discuss a potential collaboration in expanding digital payment infrastructure.
The post Ripple Whales Move $300M, XRP Price Rally Ahead? appeared first on CoinGape.
