Ripple’s partial victory in its legal battle with the SEC (Securities and Exchange Commission) led to a surge in XRP’s price and popularity. However, a recent transfer of XRP tokens to centralized exchanges has raised the eyebrows of several investors.
According to blockchain tracker Whale Alert, an unknown wallet transferred almost 50 million tokens worth around $31 million to two centralized exchanges. The wallet moved 25.20 million coins to Bitstamp, a Luxembourg City-based exchange, and another 25 million to CEX Bitso. Yesterday, the same wallet transferred 43.80 million XRP to Bitstamp and CEX Bitso. Hence, it appears that the whale is considering selling its holdings.
Also Read: Ripple XRP to Rally 200% and Hit $1.88: Predicts Analyst
The movement of assets to exchange is a bearish development as it increases the possibility of sale. The whale wallet has so far transferred almost 100 million tokens to the exchanges. Selling 100 million coins could hurt the price of Ripple’s XRP token.
Will Ripple’s XRP dip to $0.50?
Despite the transfer of coins to exchanges, XRP is holding above $0.60. Moreover, the asset has rallied 1.6% in the last 24 hours and 12.4% over the previous month. However, XRP has dropped 6.3% in the 14-day chart and 0.3% in the weekly chart.
Also Read: Ripple’s XRP Could Rally 480% and Hit $3.8: Predicts Analyst
According to the machine learning algorithm at PricePredictions, XRP will continue to trade above $62 for the next two weeks. The platform anticipates the token’s price to drop to around $0.60 by the last week of December.
On the other hand, CoinCodex expects XRP to surge to $0.82 by Nov. 29, 2023. The rise in price translates to a growth of around 34% from current levels.
Furthermore, many analysts anticipate XRP’s price to surge in 2024. The asset has seen an increase in popularity, especially after its “non-security” label by a US court.