XRP Whales Move 182.6M, Fueling Price Surge: $5.85 Target Ahead?

Recent activities in the cryptocurrency market highlight significant whale transactions involving XRP, the digital token of the Ripple network. Blockchain tracking platform Whale Alert has reported a series of notable transfers that include moving 62.6 million XRP to various centralized exchanges (CEXs) and 120 million XRP to an unidentified wallet.

In detail, the transactions observed involved substantial amounts of XRP being relocated to several exchanges and an unknown wallet. Specifically, the transfer of 20 million XRP to Bybit from an anonymous wallet marked a significant move.

🚨 20,000,000 #XRP (12,158,030 USD) transferred from unknown wallet to #Bybithttps://t.co/D0mdUVtiNN

— Whale Alert (@whale_alert) December 21, 2023

Additionally, another wallet transferred 42.6 million XRP to Bitstamp and Bitso, with the distributions being 24.6 million XRP to Bitstamp and 18 million XRP to Bitso. Furthermore, Ripple’s transfer of 120 million XRP to an undisclosed wallet adds to the intrigue of these whale movements.

XRP’s Market Performance

Amid these substantial transfers, XRP’s market value experienced a noticeable increase. The token’s price ascended by 1.17% over the past 24 hours, reaching $0.6168. According to CoinMarketCap, this price movement was accompanied by an 18.10% increase to $1,344,090,380 in the 24-hour trading volume and a 0.79% rise in market capitalization to $33,309,761,176.

XRP/USD 24-hour price chart (source: CoinStats)

Analyst Perspectives on Price Potential

Renowned market analyst, known as Dark Defender, remains optimistic about XRP’s future, dismissing fears and uncertainties (FUD) and maintaining a significant price target of $5.85.

I don’t listen to the FUD.#XRP is proceeding according to our plan based on the weekly time frame.

Let’s see what we discussed since May-June:

1. On June 4 we set Wave 1 to exactly to $0.89:https://t.co/8SPkagDVAw

2. On 21 June, we detailed the target levels:… pic.twitter.com/lUm9nC02Xe

— Dark Defender (@DefendDark) December 20, 2023

Although there has been some skepticism within the community due to recent underperformance, Dark Defender emphasizes the importance of breaking a major resistance point to realize these projections.

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