According to Whale Alert, over 410 million coins worth of XRP were transferred by unidentified wallets in the last 24 hours. In the interim, XRP has increased slightly over the previous 24 hours, increasing by about 2.5%. Nevertheless, the coin has increased by around 14% over the last two weeks, reaching the $0.41 mark.
Hundreds of Millions of XRP Moved in Two Massive Chunks as XRP Rises Marginally
The aforementioned cryptocurrency tracking behemoth discovered two XRP transactions involving significant quantities of the Ripple-related cryptocurrency. A total of 253,594,773 XRP and 160,000,000 XRP, each worth $103,264,033 and $65,533,398 respectively, were shoveled.
Between two anonymous crypto addresses, a larger transfer was conducted. The smaller one was a deal that Bithumb carried out internally. Local authorities asked for an arrest warrant for the exchange’s “hidden chairman” earlier this week, Kang Jong-Hyeon.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 253,594,773 #XRP (103,264,033 USD) transferred from unknown wallet to unknown wallethttps://t.co/jLpTtfQ6jn
— Whale Alert (@whale_alert) January 27, 2023
Numerous interviews with Brad Garlinghouse given this year at the World Economic Forum in Davos, Switzerland, have been the primary factor in the increase in the price of XRP since the beginning of the year.
Garlinghouse indicated that given that all pertinent information has been provided and prepared for the judge to review, he anticipates the court’s ruling in the protracted SEC v. Ripple case to be rendered this year, possibly even within the next few months. The CEO said he did not think a settlement would occur since the regulator is unlikely to agree to Ripple’s primary need that XRP is classed as a non-security moving forward. So, the CEO anticipates that the lawsuit will at least be resolved this year.
In general, according to Garlinghouse, Ripple is doing well despite the ongoing lawsuit that began in December 2020. Many new users have joined Ripple outside of the United States, and XRP is used in about 50% of the company’s monthly transactions, which total billions of USD.
Can XRP show a sharp rise like other coins?
Over the past week, the price of XRP has decreased by 0.25%, nearly remaining unchanged. The support level of $0.4086 has been broken by the price of XRP on the hourly chart. The daily closure is currently very significant. Traders may anticipate a slide to $0.40 if it occurs below.
Daily, the rate is near the channel’s midpoint, indicating that no side has yet taken the initiative. Next week, sideways trading in the range of $0.41 to $0.42 may persist.
On the weekly chart, the price has tested the mirror level at $0.4425, which acts as resistance. Despite the recovery, the outlook for XRP is still favorable as long as the price is above the crucial $0.40 barrier.
XRP/USD 4-hour chart | Source: TradingView
However, the decrease could result in a decline to the $0.38 level if a breakout occurs. At the time of writing, the price of XRP is $0.4122.
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