XRP Price Eyes $5 Amid Increased Whale Activity
Crypto analyst Dark Defender has predicted that the XRP price could reach $5 in this new year. This bullish prediction comes amid increased Whale activity, with these investors moving over $700 million worth of XRP.
Increased Whale Activity
According to Whale Alert data, an unknown wallet transferred 300 million XRP ($649.8 million) to Ripple. Meanwhile, another unknown wallet transferred 30 million XRP to the Bithumb exchange.
Typically, an increase in Whale activity is viewed as a bullish sign, as it can indicate a lack of selling pressure on the market. However, in this case, the transfer of XRP to the Bithumb exchange could suggest that the investor is looking to offload their coins, which may put downward pressure on the price.
Dark Defender’s Prediction
Despite this potential headwind, Dark Defender remains bullish on XRP. He cites the Fibonacci target levels, which show that the first level sits at $5.85 precisely.
The crypto analyst also notes that XRP has completed a corrective pattern in the weekly timeframe, indicating that the asset is primed for a breakout.
Dark Defender believes that XRP could break the triangle pattern on its charts within a week and rally to $18 in the current market cycle.
Bullish Outlook from Other Analysts
Other crypto analysts, such as Mikybull Crypto and CasiTrades, have also expressed bullish sentiment towards XRP. Mikybull Crypto believes that XRP has one of the most bullish charts out there, while CasiTrades predicts that XRP could rebound to $2.60.
Another analyst, Egrag Crypto, is even more bullish, predicting that XRP could rally to $27 in the current market cycle. He bases his prediction on XRP’s previous parabolic rally in the 2017 bull run.
Conclusion
In conclusion, XRP is expected to see increased Whale activity in the coming weeks, which could have both positive and negative implications for the price. Despite this uncertainty, many crypto analysts are bullish on XRP, with some predicting significant price appreciation in the near future.
FAQs
Q: What is the current price of XRP?
A: The current price of XRP is approximately $2.50.
Q: Why are Whales buying XRP?
A: Whales are buying XRP because they believe in the asset’s potential for growth and are taking a long-term view.
Q: Is it wise to invest in XRP given the recent volatility?
A: As with any investment, it’s important to do your own research and consider your own risk tolerance before investing in XRP or any other asset.
Q: Can I trust Dark Defender’s prediction of $5?
A: As with any prediction, there’s always some uncertainty involved. While Dark Defender is a respected crypto analyst, there’s no guarantee that XRP will reach $5.
