XRP Price Dips Amid Whale's 47.5 Mln XRP Selloff Saga, What's Happening?

XRP, one of the most renowned cryptocurrencies by global market cap, curated a tidal wave of speculations across the broader crypto market on Thursday, following substantial whale transfers jotted by the token. Notably, these transfers promptly gained significant traction among global crypto market enthusiasts as they surfaced amid XRP's price drop.

Timeline of Xrp

XRP YouTuber Moon Lambo has hit out at those who believe that the XRP price could be worth $20,000 in the future. The analyst believes that this price level is unattainable for the crypto token as he highlighted reasons why he holds this belief.

The crypto market value plummeted by 6.8% to $1.7 trillion on Wednesday following a report by Matrixport regarding the likelihood of the Securities and Exchange Commission (SEC) greenlighting spot Bitcoin exchange-traded funds (ETFs). As Bitcoin price fell sweeping through liquidity at $40,000, Ripple (XRP) dived to $0.56, down 11% in 24 hours.

On Jan. 1, 2024, Ripple, the leader in corporate crypto solutions, executed its planned release of 1 billion XRP from its escrow accounts. This well-established practice, occurring every first of the month, saw three distinct transactions unfold, injecting a measured dose of liquidity into the cryptocurrency market.

Throughout 2023, XRP's value has experienced a volatile journey, oscillating between highs and lows. While it showed intermittent growth between September and November, December brought a slight uptick of 2.78%, hinting at a possible shift from a bearish trend.

Crypto analyst EGRAG crypto recently posted an analysis of the various scenarios for the price trajectory of XRP in the near future. XRP, like most top cryptocurrencies, has received many price predictions in the past few months, as the entire crypto market witnessed a consistent increase in activity throughout the fourth quarter of 2023.

In a recent courtroom showdown, Judge Rakoff delivered a crucial verdict favoring the SEC in its case against Terraform Labs. The ruling deemed Terraform Labs' digital assets, including the prominent UST, as unregistered securities, a significant win for the SEC.

Under CEO Jamie Dimon's leadership, JPMorgan Chase has recently been named as an Authorized Participant (AP) in BlackRock's Bitcoin Spot Exchange-Traded Fund (ETF). This development has sparked a flurry of discussions and reactions, particularly from figures in the cryptocurrency community, including pro-XRP lawyer John Deaton.

Stuart Alderoty, the chief legal officer of Ripple, recently addressed the implications of the Terraform Labs case ruling by Judge Jed Rakoff, favoring the Securities and Exchange Commission (SEC).

Renowned market analyst EGRAG has recently set significant short-term targets for XRP, emphasizing the feasibility of these goals. His analysis and predictions have garnered attention in the crypto community, considering the potential impact on XRP's market dynamics.

David Schwartz, Chief Technology Officer of Ripple, shared his forecasts for the future of blockchain technology in 2024. These predictions cover various key aspects, from AI merging with blockchain to the adoption of stablecoins. #2024Predictions — @aaronsears, SVP, Global Customer Success pic.twitter.