Crypto: Whale transactions destabilize the XRP price!

The latest news regarding XRP has attracted a lot of attention within the crypto community. After an impressive price surge, Ripple's flagship altcoin is experiencing a correction phase. This was notably marked by significant movements by whales. Details below!

The influence of whale transactions on the XRP crypto

XRP has recently seen significant interest from large holders, often referred to as “whales.” According to on-chain data from Santiment, these major players have accumulated over 130 million XRP on crypto exchanges such as Binance, Bitso, Bitstamp, and Upbit.

This massive accumulation caused a marked increase in activity on the XRP Ledger (XRPL) network. Whale transactions trained an influx of new addresses and a spike in activity, signaling increased investor interest. This surge in activity initially supported the price of XRP, pushing it up to 63 cents.

However, after this rapid rise, a notable correction in the price was recorded. In early European trading on Friday, the price fell by more than 8%, reaching around 55.8 cents. Whale trading likely contributed to this volatility. Indeed, massive buying by whales can temporarily boost the price due to increased demand. However, selling or profit-taking by these large holders can lead to a rapid price correction.

Technical Analysis and Price Forecast

On the technical side, a bullish pattern similar to that of 2017 has been observed for XRP. Analysts are hoping for a resolution of the litigation between the US SEC and Ripple Labs, which could positively influence the value of XRP. Moreover, some members of the XRP community believe that Donald Trump’s re-election could benefit Ripple.

Currently, if XRP can maintain its support level between 54 and 58 cents, a rise to 87 cents in the medium term is possible. This forecast depends on XRP’s ability to maintain these support levels and continue to attract investors.

In the long term, XRP price stability and maintaining support levels will be crucial. Legal developments and whale behavior will play a key role in XRP’s future direction.

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