- XRP Whale reportedly transfers $14.95 million to crypto exchange Bitstamp
- An analyst also believes that XRP has enough use cases to support a $50k price surge.
XRP has failed to make an instant surge to breach its yearly high recorded after Ripple got a partial victory against the US Securities and Exchange Commission. The asset has a bearish market sentiment with a score of 40/100. Based on the current price action, XRP has declined by 4.5% in the last 24 hours and also declined by 2.3% in the last seven days. Regardless, its three-month price surge is still up by 30%, adding $0.144591 to its previous price to hit $0.626082.
Amid this bearish market sentiment, analysts hold an optimistic POV for the asset. According to the latest report, Whale Alert, a platform that reports on blockchain-related tracking metrics, has disclosed that 22.80 million XRP ($14.95 million) has been transferred today.
Researchers took a brief look at the transaction and realized that an unknown wallet had sent that amount to the crypto exchange Bitstamp. Interestingly, the same wallet address reportedly made a huge transfer to CEXs in the past few days. This is said to have been done in batches. The other transaction was made to Bitso, and it involved 24 million XRP ($15.18 million).
Analyst Makes XRP Predictions
While this massive transfer is expected to trigger a downward movement, a crypto analyst identified as Egrag Crypto believes that XRP is in a full-blown cycle. The analyst based his prediction on the monthly time-frame, stating that a sharp bullish candle can cause an upward surge. According to him, the asset can make an unprecedented surge to $27.
Cast your eyes upon the chart below, dissecting the monthly timeframe. It’s intriguing that #XRP hasn’t managed to close a monthly candle above $1.2 yet. We’ve seen body candles, but a full-body candle hasn’t materialized. However, mark my words: when #XRP finally achieves a monthly candle close with a full body above $1.2, brace yourselves for a significant surge to $2. At $2, I’m confident and convinced that this will trigger a massive #FOMO (Fear of Missing Out) in the market.
Crypto analyst Cryptoes also spoke about the possibility of the asset closing above the launchpad level. According to him, XRP is poised to fuel optimism if history repeats.
The possibility of XRP hitting $50,000 when Bitcoin hit $500,000 has been under discussion lately as renowned crypto analyst Zach Rector joins the conversation.
According to him, Bitcoin at $500,000 would demand a market cap of $10 trillion which is close to that of gold. He also stated that Bitcoin lacks the utility to reach that level without making any significant change to its network. For the $50k for XRP, Rector believes that the scarcity factor of the asset should not be underestimated.
He mentioned the utility-driven burning mechanism and the diverse functionalities integrated into the XRP Ledger (XRPL) as the principal drivers. The asset was trading at $0.65 at the time Rector made this analysis. From that price point, the asset would have to make a 7,692,300% percentage growth to hit $50k.
