XRP Price Prediction: Can XRP Reach $5 This Year?
XRP, the sixth-largest cryptocurrency in terms of market capitalization, has experienced a rollercoaster ride over the past year. Many investors are curious about the future price of XRP and whether it will reach $5 this year, as its price has been fluctuating.
We will examine the factors that can affect XRP’s prices and predict whether it can reach $5 in this article.
XRP holders have been worried about Ripple’s lawsuit against the SEC. CEO Brad Garlinghouse believes that a resolution will be reached this year or in the early part of 2023. Despite the lawsuit, the bear market and XRP, Ripple’s native token, has tried to stay strong.
Despite fluctuations in XRP prices, large crypto investors (aka whales), are still interested in XRP tokens.
Whale Alert Discovery: How a Recent XRP Change Could Impact The Crypto Market
Whale Alert, which provides on-chain data, reports that whales have recently transferred large amounts of cryptocurrency. According to current cryptocurrency market prices, there was a transfer between two unidentified wallets of more than 160 million XRP tokens on January 27th. This transaction amounted to more than $65.53million.
Whale Alert reported that 39.5 million XRP tokens were moved from Bitso to an unknown wallet on January 26th. These tokens are valued at $16.2 million according to current market values. Notable numbers of XRP tokens were recently moved from unidentified wallets into crypto exchanges.
For example, Bitso sent 30 million XRP coins ($12.41 Million) and Bitso transmitted 33 million tokens ($13.65 Million) from an unknown wallet.
Whale Alert reports that large investors are buying more XRP tokens despite the declining price. One whale purchased 30 million XRP tokens from Bitso for $12.19 million, while another whale bought 40 million tokens worth $16.2 million.
Prediction of XRP’s Price
Today’s XRP token price is $0.4120. It has traded $472 million over the past 24 hours. It is currently ranked 6th in CoinMarketCap, with a market cap around $20 billion.
The XRP/USD is currently struggling below the $0.4150 support level, but has gained support at $0.4045. Ripple could slip further to $0.4045 and $0.3965 if it breaks out of the support zone of $0.4045.
Leading technical indicators like MACD and RSI trade in a buying zone. This indicates that the market is in a strong buying mood. A bullish breakout at the $0.4160 level may expose a ripple towards the $0.4260 area.
Top Cryptocurrencies with Potential for Profits
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