Will Price Dip Below $60?

Whale Alert, a platform specializing in blockchain metrics, reported a few substantial whale transactions involving XRP. An unidentified wallet initiated these transfers, sending a total of 42.6 million XRP to the popular exchanges Bitstamp and Bitso.

The wallet, identified as r4wf7enWPx…5XgwHh4Rzn, first moved 24.1 million XRP ($15.09 million) to Bitstamp. Shortly after, it executed another significant transfer of 18.5 million XRP ($11.61 million) to Bitso.

This particular wallet has recently been active, orchestrating several transfers of hundreds of millions of XRP to Bitstamp and Bitso. These moves are linked to Ripple’s recent involvement with these exchanges.

Also read: Ripple Releases White Paper Touting Benefits of CBDC

Will the XRP price dip below $60?

The movement of substantial amounts of Ripple has definitely caused a fear that the price will dip below $60. The coin had recently surged from a low of $0.57 to breach the $60 level. XRP is trading at $0.6322 at press time.

Despite the contrasting sentiments, crypto analyst JD urged followers to focus on charts rather than transaction news. JD mentioned that XRP has maintained its upward trajectory. 

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While the recent whale transactions indicate heightened activity around Ripple, traders are urged to consider technical analysis. JD emphasized the significance of technical analysis in predicting market movements, pointing to a Golden Cross formation that remains intact. Despite potential retracements, the analyst predicts an imminent parabolic move.

The influence of whale transactions on particular coins and the broader market remains a topic of speculation.