The XRP price is currently experiencing a bullish outlook, as traders have transferred $51 million in XRP.
The XRP price is under scrutiny due to a crypto whale’s transfer of $51 million in XRP. This development offers a positive outlook for the coin, as this group of investors could significantly impact the price as they accumulate more XRP.
XRP Price may rise as whales make their move
The XRP price may increase as traders execute a $51 million XRP transfer. According to data from Onchain, a transfer of 100 million XRP ($51.6 million) was executed between two unknown wallets. Since the transfer was not to an exchange, this is a bullish indicator, implying that the whale is seeking to sell their coins.
Instead, the whale could have transferred it to another container for security purposes, as they intend to retain it for an extended period.
This occurs in the context of the appeal case between Ripple and the US Securities and Exchange Commission (SEC). This whale activity is advantageous for XRP, indicating that the ongoing legal dispute does not affect investors’ attitudes toward the coin.
In the interim, the whale activity is consistent with the recent prediction by crypto analyst Egrag Crypto that XRP could reach $95 shortly. This unprecedented price rally could be fuelled by factors such as a surge in whale activity.
However, the primary focus will undoubtedly be on XRP’s successful breach above the $0.6 resistance, which has been retested numerous times since Judge Analisa Torres’ final judgment in August.
Cryptocurrency Movement about Bitcoin Price
Egrag Crypto has offered an alternative viewpoint regarding the potential movement of the XRP price in conjunction with the Bitcoin price. The analyst asserted that XRP could reach $4.43 if BTC reaches $100,000. He observed that the 555% price increase would be comparable to the previous cycle’s peak.
Additionally, Egrag stated that XRP could increase to $5.76 if BTC reaches $130,000, $6.64 if the premier crypto reaches $150,000, and $7.53 and $8.86 if the Bitcoin price surges to $170,000 and $200,000, respectively.
According to the analyst, the worst-case scenario for the coin is a price target of $4.43 to $8.86. He thinks that the XRP price will rise above this level. “Whether it is the worst-case scenario or not, there is still significant potential for XRP,” according to Egrag.
