XRP Whale Shifts 47 Mln XRP Sparking Speculations, Nosedive to $0.62 Again?

XRP, an eminent cryptocurrency backed by Ripple Labs, once again stirred a whirlpool of speculations across the broader crypto market on Friday as the token recorded significant whale transfers recently. Notably, as per the data hovering over the crypto horizon, two significant whale transfers appear to have caught the eyes of crypto market enthusiasts.

Timeline of Xrp

Ripple XRP coin is currently in the spotlight following an expert's analysis suggesting a potential surge in its value. Amid its ongoing consolidation phase, Ripple is showing signs that could lead to a significant increase in its price, possibly reaching $3.70.

Popular crypto analyst JD, known for predicting XRP's bottom at the $0.28 price level, has warned of a batch of ‘dumb money' traders missing on the next XRP price surge. According to JD, this set of traders may overlook the opportunity to get on before the next price surge, drawing parallels to past XRP price action.

An XRP critic is choosing to go in on the crypto token as he sees an opportunity to make reasonable profits from the crypto token. This hasn't changed his stance, though, as he made it clear from his comments that he is still critical of the XRP token and its community.

In December, Ripple Labs transferred 310 million XRP ($198 million) from its Ripple (1) escrow wallet. The transfer by Ripple has left roughly 26.34 million XRP in the wallet, which, at today's XRP price, is worth approximately $16.7 million.

In an unexpected turn of events, XRP Ledger experienced an unprecedented surge in activity, with daily transactions skyrocketing by an astounding 350% within the last 24 hours, reaching a staggering 4.11 million transactions. This marks the highest activity level in the past two years, surpassing the November 2021 record.

Despite the high volatility in Bitcoin (BTC) price, the XRP price is yet to show similar signs in the current market cycle that is dominated by the prospects of the likelihood of a spot Bitcoin ETF approval in the United States. Compared to the nearly 13% jump in BTC price over the last 30 days,

XRP's technical charts are flashing signals of an impending volatility storm as the cryptocurrency forms a critical chart pattern not seen since May 2023. The pattern in question is a descending triangle, recognized for its potential to precipitate significant price moves upon completion.

XRP, Ripple Labs Inc.'s cryptocurrency, finds itself at the epicenter of market activity with substantial whale transactions. In a noteworthy development, a mysterious sender initiated a transfer of 20 million XRP tokens, valued at $12.6 million, to a major exchange. Coincidentally, this activity aligns with the unfolding news of compensation payments from the long-dormant Mt.

In a major stride towards global expansion, Ripple has achieved a significant milestone with the Central Bank of Ireland granting approval to Ripple Markets Ireland Limited as a registered Virtual Asset Service Provider (VASP).

Ripple's native token, XRP continues to see strong demand among investors, as addresses in the top 0.01% — wallets holding at least 5.7 million XRP — jump to 486 while millionaire addresses decline to 1,970, on-chain data shows. Top 10 Addresses On The XRP Rich List Hold 11% Of All XRP Coins In Circulation As