Crypto analyst Dark Defender predicts that the price of XRP could reach $5 this year. This forecast is supported by significant activity from major players in the XRP market.
The activity of major investors in XRP is noteworthy. According to Whale Alert data, an unknown wallet transferred 300 million XRP (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 pointed out that the Fibonacci target levels remain the same, with the first target set precisely at $5.85. He also mentioned that XRP has completed a correction pattern on the weekly timeframe.
Regarding market expectations and future predictions, 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 highlighted that XRP has one of the strongest charts and predicted double-digit price increases. Egrag Crypto indicated that XRP has the potential to rise to $27 in this market cycle, based on the parabolic rise observed during the 2017 bull market.
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 aiming 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. The positive forecasts from analysts may also generate increased investor interest in XRP.
The dynamics in the XRP market are important developments that cryptocurrency investors should closely monitor. The large transfers and analyst forecasts provide valuable insights for making investment decisions.