According to details from crypto YouTuber Ben Armstrong, XRP whale activity increased as 68 million XRP shifted hands amidst a surge in price.
With the price of the coin hovering around $0.58, the crypto community is abuzz with speculation on whether this could mark the beginning of a substantial upward movement.
Whale action and price surge
Massive whale activity has been the talk of the town, with 67.6 million XRP, valued at $39.05 million, making their way between undisclosed wallets and cryptocurrency exchanges (CEXs). What makes this move even more intriguing is its correlation with Ripple’s recent price uptick.
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MASSIVE XRP News
Whale movements are stirring the waters as 68 million $XRP shift hands & the price sprints past $0.58. Is it time for @Ripple Lab’s darling to move? I think so. #ripple
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1/5— Ben Armstrong (@BenArmstrongsX) January 12, 2024
Noteworthy transactions include 25.8 million XRP sent to Bitstamp and 19.8 million XRP sent to Bitso, both from the same address. While such transfers often raise concerns about selling pressure, it’s essential to note that it may not necessarily be negative news.
Additionally, 22 million XRP flowed from Upbit to an undisclosed wallet, drawing attention from cryptocurrency enthusiasts.
The broader cryptocurrency market has been grappling with a bearish trend triggered during the last 24 hours, with Bitcoin’s price plummeting below the $42,000 mark.
Unfortunately, this also caused XRP’s price to slip below a critical support level, even as hopes of a bullish breakout continue to linger.
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Can XRP hit $1?
Predicting XRP’s future price is always a topic of interest among cryptocurrency experts. However, the $1 mark for XRP in 2024 seems uncertain, according to some predictions.
Changelly experts suggest that in 2025, the minimum price of Ripple could be around $1.09, with a maximum expected price of approximately $1.36. On average, the trading price might hover around $1.13 in 2025.
In conclusion, the recent whale movements and price surge have ignited a sense of hope and anticipation within the Ripple community. While challenges persist, there is no clear signal in which direction the price of the coin can head.
