- The XRP network has experienced a significant surge in whale activity with whales withdrawing their assets to unknown wallets which sets the stage for XRP to potentially surge
- Analyst Chad Steingraber’s prediction Chad’s strong prediction of XRP hitting $250 by 2025 is based on several factors mainly the approval of the XRP ETF and the ending of XRP’s legal battle with the SEC.
Recent on-chain data has revealed significant activity by XRP whales. Over the past 24 hours, large-scale transactions have been recorded on the XRP network signaling a change of sentiment to the XRP token.
According to data from Whale Alert, a cryptocurrency transaction tracker service, it has identified several large transactions on the XRP blockchain.
All of these noteworthy transactions primarily involving enormous amounts have been associated with whale activity. Whales are known for moving their tremendous amounts of assets and are adept at influencing crypto prices with their transactions.
In the latest development, an address linked to Binance, the biggest crypto exchange by volume, saw a movement of 26,440,906 XRP, valued at roughly $13.2 million.
The mentioned transaction was processed with a minimal fee of 0.003 XRP. The sending address which was linked to Binance completed its transaction to an unknown wallet. Such instances where assets move from exchanges to unknown wallets are classified as exchange outflows.
Additionally, when large-scale investors move their assets to unknown wallets, it implies that whales are withdrawing their assets from exchanges to hold their assets long-term.
Another remarkable transaction involved the transfer of of 30,406,274 XRP, worth approximately $15 million at the time of exchange. As mentioned, these transfers suggest a bullish sentiment among XRP whales, as they seem to be accumulating and holding onto their assets rather than keeping them on exchanges for potential selling.
However, not all whale activity leads to a bullish conclusion. In another transaction, a whale deposited 30,320,000 XRP (around $15 million) on the Bitstamp platform. Contrary to other whales who tend to hold onto their assets, this one might be planning to sell their XRP potentially exerting downward pressure on the price.
While inflows counteract outflows, the net effect remains positive for XRP. XRP has encountered an 8.76% decline over the past week with the token trading at $0.4801.
The withdrawal means long-term holding, offering confidence in the asset’s future performance is increasing and cuts down on the available supply on exchanges, potentially driving up the price due to increased scarcity.
A top crypto analyst Chad Steingrabert has come through with an optimistic prediction. According to Chad, XRP could reach $250 by 2025. Chad’s strong prediction is based on several factors mainly the approval of the XRP ETF. This significant milestone means driving institutional demand, significantly impacting the price.
Chad also highlights XRP’s legal battle with the SEC as a main hurdle for XRP. Clearing this legal battle could see the XRP ecosystem grow exponentially.
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