According to a blockchain tracking platform by a Ripple whale, 230,770,000 XRP, valued at approximately $414 million, was transferred from one unknown wallet to another. This massive transaction has raised questions about the potential market implications for the XRP price. As the market waits for any signs of significant changes, analysts are predicting a potential XRP price correction to continue.
Ripple Whale Moves Spark Concerns for XRP Price
According to Whale Alert, a Ripple whale completed a large transaction of over 230,770,000 XRP equivalent to $414 million. This huge whale transaction emerges in the wake of other recent Ripple whale transactions, such as 200M XRP moved to Binance by an unknown entity. Another huge transaction involved a $572 million worth of XRP move amid ODL sales speculations.
Market participants consider whales to be market movers, and big buy or sell orders can sometimes give early signs of a change in the market. Along with the whale move, the market has been observing ongoing developments surrounding Ripple, including its legal battles and partnerships.
However, while there is positive news for Ripple, such as the launch of XRP ETF in the US or the acquisition of Hidden Road, the market has not positively influenced the XRP price. The pressure on XRP’s price remained, and analysts expect more correction before a recovery.
Analysts Predict XRP Price Correction
As the large XRP transfer captures the market’s attention, crypto analysts have been concerned with the potential price trends for XRP. One technical analyst has pointed out a major support area for the XRP price, which stands at $1.81. If the price of XRP fails to hold above this level, it could lead to a breakdown to the lower level of $1.55.
The analyst, Casitrades pointed to a technical pattern forming in the market, which suggests a “Wave 3” downtrend could be underway. According to her analysis, using the Elliott Wave theory $1.71 will be the next critical level to watch for a temporary pause before the price potentially drops further.
This XRP correction aligns with a prior forecast given by the same analyst regarding a pullback to the golden retracement level of $1.55. This level is typically considered a solid support level when analyzing technical charts. If tested, this level should confirm the conclusion of the Wave 2 correction, as it will likely cause the price of XRP to bounce back up.
Concurrently, Dark Defender stated that market conditions have caused XRP oversold position in both the 4-hour and daily charts. According to Dark Defender, XRP is showing signs of a potential price recovery, with a strong Wave C pattern forming towards a new all-time high at $4.
The post Ripple Whale Moves $414M As Analyst Forecasts XRP Price Correction To $1.55 appeared first on CoinGape.
