Crypto analyst Dark Defender predicts that the price of XRP could reach $5 this year. This forecast is backed by significant activity from major players in the XRP market.
Activity of Major Investors in XRP
According to data from Whale Alert, an unknown wallet transferred 300 million XRP (approximately $649.8 million) to Ripple. Another unidentified wallet sent 30 million XRP to the Bithumb exchange. Such large transactions can have a significant impact on the market.
Dark Defender mentioned that the Fibonacci target levels remain unchanged, with the first target set precisely at $5.85. Additionally, he stated that XRP has completed a correction pattern on the weekly timeframe.
Market Expectations and Future Predictions
“I expect XRP’s price to surpass the triangle level I indicated on the charts within a week” – Dark Defender.
On the other hand, analyst CasiTrades anticipates a rebound for XRP after its dip to $2.60. Mikybull Crypto pointed out that XRP has one of the strongest charts, predicting double-digit price increases.
Egrag Crypto indicated that XRP has the potential to rise to $27 in this market cycle. He expressed that the parabolic rise recorded during the 2017 bull market forms a basis for potential future price increases.
Generally, major investor transfers of XRP create a positive impact on the market. However, large transfers to the Bithumb exchange suggest that some investors may be aiming to secure profits, which could result in selling pressure in the short term.
The future price movements of XRP will likely continue to be influenced by the actions of major investors and overall market trends. Positive forecasts from analysts may increase investor interest in XRP.
The developments in the XRP market are important for cryptocurrency investors to closely monitor. The large transfers and analyst forecasts offer valuable insights for making investment decisions.
