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XRP, which was introduced by Ripple Labs and has been under scrutiny due to the SEC lawsuit, has once again witnessed whale activity that has been ongoing for the past few weeks. XRP coin hosted a remarkable whale transaction today, while a general price drop was observed in cryptocurrencies. The XRP price may have experienced a significant drop due to this, as well as general market conditions.
As of writing time, the price of XRP was at $0.61 on December 11 and fell below the critical $0.62 level. Despite this drop, crypto analysts known for their commentary in the market still indicated they have an optimistic outlook for XRP coin.
XRP Whale Transaction: Detailed Analysis
Whale Alert, known for quickly sharing whale transactions taking place on the blockchain, caught a new XRP transaction within the last 24 hours. It shared the data revealing the XRP transfer in the transaction it caught.
According to the data shared by Whale alert, as of writing time, a transfer of 22.80 million XRP worth $14.95 million was revealed. This transfer took place from an unknown wallet to the cryptocurrency exchange Bitstamp.
Although referred to as an unknown address, it was known that this wallet had been conducting XRP transactions for some time. The mentioned wallet address had drawn investors’ attention by making significant transfers to CEXs in a series of transactions since last month.
Also, the transfer of XRPs to a CEX while the price is falling has caused fear and great curiosity among crypto traders and investors.
The Future of XRP Coin
Despite a noticeable drop in the XRP price, crypto analysts maintain their optimism about XRP’s future. The XRP price experienced a sharp drop of 6.23% in the last 24 hours as of writing time and is currently trading at $0.61.
On the other hand, there was a slight drop of 0.83% in the XRP price last week. Looking at the overall picture, a decline of 3.93% was seen on a monthly basis. Despite this, analysts maintain their bullish expectations on XRP without breaking their optimistic structure.
Renowned analyst Egrag Crypto recently shared his views on XRP coin. According to the statement made by Egrag, the recent drop quickly liquidated many long positions. However, the analyst still maintains a price expectation of $1.4 for XRP.
Egrag made this statement during significant price movements in XRP coin. In addition, another known crypto analyst Cryptoes emphasized that XRP, Ripple’s native token, could lead the overall crypto sector if history repeats itself.
