- Blockchain tracker Whale Alert revealed $20 million XRP transaction From Upbit exchange.
- Potential Break below the $0.5621 support level Can determine the price direction of $XRP.
- However, cryptocurrency analysts Prediction of XRP USD reaching $300 Based on technical indicators such as the Relative Strength Index (RSI).
one $20 million XRP transaction The move from Upbit, a top South Korean cryptocurrency exchange, has captured the attention of the cryptocurrency market and sparked speculation about the motives behind it.
Read on to learn how whale activity affects $XRP.
Demand for $XRP Remains High in South Korea
$XRP remains in strong demand in South Korea given the growing interest in Ripple solutions and technology.
Whale Alert revealed on Sunday that 20 million XRP (worth $11.7 million) had been transferred from South Korean cryptocurrency exchange Upbit to an unknown wallet. Large transfers like this are usually It is a bullish signal.
Likewise, Whale Alert showed that 30.4 million XRP (worth over $15 million at the time) was moved from Binance on June 10. Earlier this month, XRP fell 2% after 105 million XRP wallets moved.
Can $XRP Keep Momentum After SEC Victory?
Ripple has recently won Suing the SEC and Robinhood decided to re-list the token on its platform.
this SEC Decision No appeal on $XRP ruling Because they recently admitted, in the Binance case, that cryptocurrency is not a security.
generally Prospects look good since case concluded Although $XRP’s 24-hour chart looks bearish.
On Saturday, XRP encountered resistance at $0.59. 50-day exponential moving average (EMA) at $0.5621 This could lead to a further decline.
Nonetheless, $XRP The seventh largest cryptocurrency by market capitalizationdespite the general downturn in the cryptocurrency market, trading volume in the past 24 hours still exceeded $1.04 billion.
Cryptocurrency Analyst Predicts XRP to Reach $300
Rippe has been working with major financial industry players and banks for years. In August, the Strategic Business Innovation Group (SBI) announced that the Bank of Japan plans to integrate $XRP into the country’s financial system by 2025.
Recent Securities Industry and Financial Markets Association (SIFMA) Data shows that if $XRP Occupies 15% of the global financial marketand its increase may be unprecedented.
Market Analyst Dark Defender $XRP is expected to reach $300. Another well-known cryptocurrency analyst (JD) $XRP’s RSI, which measures price momentum to identify overbought or oversold conditions, was analyzed. Conclusion: Token price will rise.
What We Learned
Recent $XRP transfers have sparked speculation about the whales’ motivations, whether it’s new investments or moving existing holdings to cold storage.
either way, cCommunity sentiment is optimisticHow will whale activity affect $XRP’s performance? We’ll have to wait and see.
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Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
