Whale Action Moves 64M XRP: What’s Next for the Market?

• The XRP price drops amid whale activity, sparking market uncertainty.
• Analysts see potential for XRP to reach $250 by 2025.

One of the biggest cryptocurrencies by market cap, XRP, has undergone a dramatic turn of events lately, falling to the $0.48 price level during a consolidation. The XRP price, as per CoinGecko, has decreased by 1.10% in the last 24 hours and, over the last seven days, by 8.81%.

Over the last 24 hours, XRP whales have once again moved about 64 million XRP to and from controlled exchanges (CEXs). This has left cryptocurrency aficionados feeling divided about the market and given the token a lot of purchasing and selling pressure.

Whales Shuffle Coins, Birthing Market Uncertainty 

Interestingly, data from the blockchain shows that 64.54 million XRP were transferred thanks to two different whale transactions. While another well-known whale offloaded the same amount, one has kept increasing his XRP holdings.

Amounts disclosed by the on-chain transaction tracker Whale Alert show that the address rarG6FaeYh from Binance amassed 32.89 million XRP, or $15.75 million.

On the other hand, Bitstamp received 31.65 million XRP, or $15.14 million, offloaded from address 5XgwHh4Rzn. While one of these deals develops as a bullish element, the other does the reverse.

Notably, the address 5XgwHh4Rzn is a well-known XRP whale who regularly sends money to Bitstamp and Bitso. In the meantime, the whale rarG6FaeYh has lately begun to accumulate XRP in the wake of the coin’s recent decline around the $0.5 price point.

These transactions have divided investor opinions and led to sharp contrasts in their assessments of the token’s future price trajectory.

Technical Indicators and Future Outlook 

XRP, in the meantime, bears the brunt of the pressure, showing strong price movement in the negative region recently and developing in concert with these transactions. The Relative Strength Index (RSI), which has decreased even more and is almost at 33, indicates that the asset is under downward pressure.

This might also indicate that XRP is approaching an oversold area, in which case a price increase is possible in the future.

Notwithstanding the current negative trends, a prior CNF report highlighted crypto analyst Chad Steingraber, who believes XRP has a lot of room to grow and might reach three digits by 2025, or $250.