Crypto analyst Dark Defender predicts that the price of XRP may reach $5 this year, supported by significant activity from major players in the XRP market.
Major investors’ activity in XRP has been noteworthy. According to Whale Alert data, an unknown wallet transferred 300 million XRP (equivalent to approximately $649.8 million) to Ripple. Another unidentified wallet sent 30 million XRP to the Bithumb exchange. These substantial transactions can have a significant impact on the market.
Dark Defender has observed 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.
Dark Defender stated, “I expect XRP’s price to surpass the triangle level I indicated on the charts within a week.” On the other hand, analyst CasiTrades anticipates a rebound for XRP after it dipped 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, drawing on the parabolic rise recorded during the 2017 bull market as a basis for potential future price increases.
Major investor transfers of XRP generally have a positive impact on the market. However, large transfers to the Bithumb exchange suggest that some investors may be looking to secure profits, which could lead to 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 further increase investor interest in XRP.
The dynamics in the XRP market are significant developments that cryptocurrency investors should closely monitor. Large transfers and analyst forecasts provide valuable insights for investment decisions.
