It’s a testy time within the XRP community. So much so that an XRP whale has recently moved $12.6M (roughly 20M tokens) to an exchange, which peaked X’s interest.
Let’s unpack the latest XRP news why it could signal upcoming price action for XRP.
🚨 20,000,000 #XRP (12,592,763 USD) transferred from unknown wallet to #Bybithttps://t.co/Oi79kj7j7s
— Whale Alert (@whale_alert) December 26, 2023
While still unclear, this transfer may indicate remaining fallout from the once bankrupt Mt. Gox exchange.
Mt. Gox is now compensating users with refunds from any lost tokens on their exchange.
What does this mean for XRP?
Well, our 2024 XRP forecast remains unchanged — with a prediction of roughly $3 per token.
Some experts have even forecasted a short-term breakout for Ripple Lab’s digital asset (XRP) to reach the $1.3 level.
And when whale’s make big moves — price action is usually quick to follow.
In this event, there are numerous bullish indicators for XRP, but let’s unpack them further.
In general, we urge readers to keep a close eye on whale movement as it could be a good indicator of volume changes.
BUY XRP NOW!!!!!!!!!!!! by CAPTAINFX2 on TradingView.com
Investors on TradingView are also charting XRP to be bullish in the short-to-mid term and are advocating users to accumulate the token.
We advise our audience to move cautiously and DYOR (do your own research) prior to making any investments.
Still it seems like XRP has many positive catalysts of late — including recently breaking through key resistance levels.
#XRP only has 1 job:
Stay above the daily 21MA | Blue area is very significant; close below would be bad | Let’s see what happens ⏳
Will Update $XRP pic.twitter.com/VC78zJVBGV
— Cryptoes (@cryptoes_ta) December 26, 2023
XRP News – Similarities to 2017?
One XRP analyst on X pointed out how there’s an eerily similar sentiment happening within the community, prior to the token’s full-fledged breakout.
#XRP – I remember 2017 when “Dumb money” capitulated after 4years of “boring emotional” action while other coins 🚀📈
“Dumb money” complained & capitulated missing the 600x gain LOL!
Present pattern looks exactly like 2017. Need more dumb money to complain before 🚀📈 LOL! $XRP… pic.twitter.com/tbyckfYA8V
— JD 🇵🇭 (@jaydee_757) December 26, 2023
The analyst notes that the four-year trend line from 2013-2017 caused the XRP community to complain about the lack of upward price movement.
In his own words the community was tired of ‘boring emotional’ action while watching other crypto’s (like BTC, ETH) soar.
That certainly seems similar to XRP’s sentiment as of late.
With Solana breaking out and garnering most of the attention in the crypto world, Ripple Lab’s digital token has been left watching on the sidelines.
That’s why we recommend patience across all markets and to stay true to your convictions.
Between the latest whale movement and 2017 similarities — something is brewing.
Summary
With massive whale moves lately and the XRP community growing ‘bored,’ it sure seems like something is going to give.
In addition, with traders and crypto analysts projecting a strong year ahead for XRP, it’s worth staying up to date on the latest trends.
Now will that be up or down?
Disclaimer: this is not financial advice. Please consult with a licensed financial advisor prior to making any investments.
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