Driven by bullish signs of the Ripple-Cardano collaboration and rumors, XRP whales have transferred over $210 million, preparing for a potential breakout.
Over the past 24 hours, the XRP price has been bearish, unable to break through the resistance level of $1.14 during the intraday high. During this price adjustment, XRP whales have transferred over 210 million tokens in two significant transactions. This transfer coincides with the growing speculation about a potential collaboration between Ripple and Cardano.
XRP whales have transferred over $210 million in two transactions
Data from Whale Alert shows that two large XRP whale transactions totaling 210,930,712 tokens occurred in the past 24 hours. In the first transfer, 110,930,712 XRP (worth approximately $123.59 million) were moved from Binance to an unknown wallet. In the second transfer, 100,000,000 XRP (worth $110.17 million) were sent between two unknown wallets.
Such large-scale movements of XRP tokens by major investors typically signal a strategic repositioning of the market before significant developments.
Despite the recent price pullback, the XRP market still shows bullish momentum, leading to these transactions. Analysts are closely monitoring whale activity, which may indicate upcoming market changes.
The large transactions also coincide with the growing speculation about a potential collaboration between Ripple and Cardano. This follows the recent interactions between Ripple's Chief Technology Officer, David Schwartz, and Cardano's founder, Charles Hoskinson, which have fueled rumors of a partnership.
Bullish indicators persist in the XRP price trend
Although the recent price trend has been bearish, technical indicators suggest that XRP may be poised for a bullish move. On the 24-hour price chart, XRP has formed a golden cross pattern, with the 50-day moving average (MA) crossing above the 200-day MA. This technical setup is often seen as a sign of a long-term uptrend.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains in the positive territory, with its histogram showing increasing bullish momentum.
These factors suggest that the current bullish trend for XRP may not be over, and whales may be preparing for a potential upward breakout. Analysts predict that if XRP breaks through $1.14, it could pave the way for further upside.
Analysts predict a potential breakout for XRP
Amidst these XRP whale developments, cryptocurrency analysts remain optimistic about the long-term prospects of the token. Renowned analyst CrediBULL Crypto has predicted that XRP could reach a high of $20 during this market cycle. Meanwhile, other cryptocurrency analysts continue to express confidence in XRP's long-term potential, citing its historical performance and the new market conditions.
Crypto commentator Moon Lambo pointed out that despite the regulatory pressure from the U.S. Securities and Exchange Commission, XRP reached $2 in the previous market cycle. Now, with Ripple's partial victories in court and the legal landscape becoming clearer, many believe that XRP's price could surpass its previous all-time high.
Moon Lambo commented, "Isn't it absurd to think that the price won't be exceeded this cycle now that the legal situation is clear?" He also noted that XRP had a 20x increase in the previous cycle and stated that with more capital flowing into the cryptocurrency market, the current cycle could see even greater gains.
Subsequently, analyst Moon Lambo indicated plans to scale up positions in the $5 to $8 price range and potentially hold a portion to reach a valuation of $10 or higher, which aligns with CrediBULL Crypto's prediction.
