XRP whales have been actively moving large quantities of the cryptocurrency, with recent transactions indicating strong movements within the market. On November 28, over 18.7 million XRP, worth approximately $27.2 million, was transferred from Binance to an unknown wallet.
Just a day earlier, another massive transaction of 25 million XRP, valued at $36.7 million, was moved from the Upbit exchange to an undisclosed address. These transfers follow a growing trend of XRP whale activity, which could be signaling important price movements soon.
Analyst Predicts $33 XRP Price Target
According to analyst StephIsCrypto, XRP may be positioned for a significant price rally in the coming months. The analyst has pointed out that XRP is still undervalued at its current price of $1.43, and the market is on the verge of a breakout.
StephIsCrypto suggested that once adoption increases and the cryptocurrency reaches a wider market, XRP could potentially surge to as high as $33.21. This projection comes at a time when XRP is already experiencing a strong rally, with the token gaining 30% over the past seven days with some analysts pointing to a potential BTC flipping.
The growing optimism surrounding XRP’s future is partly fueled by Ripple’s recent legal victories. A key development in the ongoing lawsuit with the U.S. SEC has provided a clearer path for the cryptocurrency, removing uncertainty from the market. Analysts believe that this victory could pave the way for further gains, particularly as the broader cryptocurrency market continues to recover.
XRP Dominance Set for Potential Increase
In addition to these XRP whale transactions, technical analysis suggests that XRP’s dominance in the market may be poised for growth. A prominent analyst, Egrag Crypto, has been studying the long-term trend of XRP dominance.
Egrag noted that XRP price is currently facing significant resistance from a descending trendline that dates back to May 2017. However, if XRP manages to break through this resistance, the cryptocurrency could enter a phase of “space expansion,” which could result in a dramatic increase in its market dominance.
The analyst’s target for XRP dominance is ambitious, with expectations that it could reach double-digit percentages if the cryptocurrency surpasses key resistance levels. As Egrag Crypto highlighted, if XRP breaks above 5.75% dominance, it could see a substantial rise in price, potentially leading to a dramatic market shift.
Ripple’s Legal Victory Boosts Market Sentiment
Ripple’s recent legal victories have played a key role in boosting investor confidence in XRP. On November 28, the California District Court approved a motion to amend a previous judgment in the Ripple-SEC case.
This ruling brings the legal battle closer to a resolution, which many in the crypto community view as a favorable development for Ripple and XRP holders. With fewer regulatory uncertainties, analysts suggest that XRP may continue its upward momentum.
XRP/USD price chart (Source: TradingView)
Amid this XRP price prediction, technical indicators are suggesting that bullish momentum is still at play, The Relative Strength Index (RSI) for instance rating of 56 suggests that buying pressure is increasing which indicates increasing positive sentiment.
Backing this bullish trend, the Chaikin Money Flow (CMF) is trending upwards despite being in the negative region. This trend too points to increasing buyer sentiment which is a precursor to an XRP price bullish breakout.
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