Cryptocurrency investors have left behind sleepless nights filled with nightmares. Now, they face exciting and sleepless nights. Strong rallies in altcoins have brought gains of 4-5 or even 10 times to investors who bought at the right time. However, many who missed the right time to sell still have a way to go to realize profits. Perhaps it’s not too late for altcoins?
Why Did XRP Coin Surge?
The daily 20% surges of top 10 altcoins by market value are much more significant compared to other cryptocurrencies. A $40 billion altcoin surging by 20% in a few hours must be triggered by something substantial. Today, two major events occurred. BTC set a new ATH at $72,800, and we saw a $187 billion transfer on the XRP Coin front.
The first reason is supportive for the rise but affects all altcoins. The second event, if these tokens are not being burned, should not trigger such a significant price increase. However, with no other notable developments on the XRP Coin front, there seems to be no other reason for a rally.
Whale Alert reported that 300 million XRP were transferred from Binance exchange to an unknown wallet. This was followed by several transactions moving millions of XRP to different addresses, which suggests either accumulation by large investors or the possibility of exchange wallet maintenance. It seems that investors assumed the best scenario of “accumulation” for these transfers, and the price increased rapidly as a result.
XRP Coin Price Target
BlackRock ETF news turned out to be false (it was discovered that an unauthorized application was made on the official institution’s website on behalf of BlackRock), and XRP Coin climbed back to the $0.74 region. This movement came after a long period of not being able to surpass the $0.68 level, which understandably excited investors.
If the rise continues, the XRP Coin price could move towards the second major resistance at $0.937 with closures above $0.74. However, in the opposite scenario, there is potential for a drop towards $0.68 and $0.6.
BTC‘s ability to maintain $72,000 and this week’s inflation data coming in below expectations could also push XRP Coin’s weekly peak higher.
