Will Ripple’s Movement of 180 Million XRP Cause Price to Drop Below $0.5?

Will Ripple's Movement of 180 Million XRP Cause Price to Drop Below $0.5?

XRP Transactions and Ripple’s Shifting of XRP

XRP, the cryptocurrency backed by Ripple Labs, made headlines in the crypto market due to significant whale transactions and Ripple’s movement of large amounts of XRP. Blockchain metrics revealed a massive transfer of 207.3 million XRP, catching the attention of traders and investors worldwide. Ripple was responsible for a major portion of these transfers, while an XRP whale also moved a significant amount to a CEX.

A Look at Today’s XRP Transactions

According to data from Whale Alert, three substantial transactions contributed to the transfer of 207.3 million XRP. An unknown wallet address moved 27.3 million XRP to Bitstamp, while Ripple reshuffled 180 million XRP between unidentified wallets in two transactions.

XRP Price Decline

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The price of XRP experienced a notable decline of 1.91% in the past 24 hours and is currently trading at $0.5183. This decline coincided with the whale’s significant offloading of XRP to Bitstamp.

Bullish Predictions for XRP

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An analyst named Dark Defender predicted that XRP could reach $1.88 and potentially experience a bull run. According to Dark Defender, XRP has closed three candles above the $0.5286 mark in a four-hour time frame, suggesting future gains and targets of $1.88 and $5.85.

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