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XRP whales move 210M tokens amid Cardano rumors

XRP whales move 210M tokens amid Cardano rumors

GrafaGrafa2024/11/20 13:37
By:Isaac Francis

XRP (CRYPTO:XRP) whales recently transferred over 210 million tokens in significant transactions, coinciding with growing rumors of a potential partnership between Ripple and Cardano (CRYPTO:ADA).

The price of XRP experienced a slight pullback over the past 24 hours after failing to break through the $1.14 resistance level.

Despite this, the market shows signs of a potential bullish continuation.

According to Whale Alert data, two major transactions were recorded, totaling 210,930,712 XRP.

One transfer involved 110,930,712 XRP, valued at approximately $123.59 million, moved from Binance to an unidentified wallet.

The other transfer of 100,000,000 XRP, valued at $110.17 million, occurred between two unknown wallets.

Such significant whale activity is often interpreted as strategic moves in anticipation of possible market changes.

Speculation regarding a partnership between Ripple and Cardano has been fueled by interactions between Ripple CTO David Schwartz and Cardano’s founder Charles Hoskinson.

The potential for collaboration has sparked interest among market participants, contributing to the current focus on XRP.

Despite recent bearish price movement, technical indicators suggest possible bullish momentum.

On the 24-hour price chart, XRP has formed a golden cross pattern, with the 50-day moving average crossing above the 200-day moving average.

This setup is often associated with a prolonged upward trend.

The Moving Average Convergence Divergence (MACD) indicator remains in positive territory, indicating potential continued bullish pressure.

Market analysts remain optimistic about XRP's prospects.

CrediBULL Crypto has forecasted that XRP could reach $20 during this market cycle.

Crypto commentator Moon Lambo highlighted that XRP achieved a 20x rally during its last cycle under regulatory scrutiny, suggesting potential for even greater gains now that there is some legal clarity.

“Isn’t it absurd to think that price won’t be surpassed this cycle now that there is legal clarity?” Moon Lambo commented, indicating his intention to scale out at prices between $5 and $8 while holding a portion in anticipation of higher valuations.

At the time of reporting, the Bitcoin (BTC) price was $92,077.23, and the Ethereum (ETH) price was $3,095.25.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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