The activity of XRP whales in the cryptocurrency market is remarkable. For example, on November 28, 18.7 million XRP was transferred from Binance to an unknown wallet. This means a transfer worth approximately $27.2 million. In addition, 25 million XRP was transferred from the Upbit exchange to an unknown address the day before. This is a transaction worth approximately $36.7 million. These large-scale transactions will herald significant movements in the price of XRP.
$33 Price Target for XRP
Analyst StephIsCrypto says that XRP is set for a significant price rally in the coming months . Therefore, the analyst noted that XRP’s current price of $1.43 is still low. According to him, increasing adoption and reaching a wider market will push XRP’s price up to $33.21.
This optimistic forecast is supported by the 30% increase in XRP in the last seven days. As we also reported at Kriptokoin.com , Ripple’s legal victories in the ongoing case with the US Securities and Exchange Commission (SEC) have paved an important path for the future of Ripple . Analysts believe that these victories have reduced market uncertainty and that the cryptocurrency can continue its rise.
Potential Increase in XRP Market Dominance
Technical analysis indicates that XRP’s market dominance may increase. At this point, analyst Egrag Crypto examined the long-term trend of XRP and drew attention to resistance levels. He suggested that Ripple could enter a significant expansion process if it breaks the descending trend line that has been in place since May 2017.
In this regard, the analyst noted that if XRP rises above the 5.75 percent market dominance, a significant increase in its price could occur. Moreover, breaking this level will change the market dynamics. It will also lead to Ripple gaining a stronger position among the leading altcoins .
Ripple’s Legal Victory Boosts Market
Ripple’s recent legal victories have boosted the confidence of XRP investors. For example, on November 28, the California District Court granted a request to amend a previous ruling in the Ripple-SEC case. This ruling indicates that the case is one step closer to being resolved. Moreover, market analysts predict that such developments will support XRP’s upward momentum.
Finally, technical indicators also confirm that XRP is in an uptrend. For example, the Relative Strength Index (RSI) is at 56, indicating increasing buyer pressure. In addition, the Chaikin Money Flow (CMF) indicator also points to a positive trend. These indicators are paving the way for a new upward movement in the Ripple price.
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