Introduced by Ripple Labs and under strict scrutiny due to the SEC lawsuit, XRP has witnessed ongoing whale activity in the past few weeks. While there has been a general price decline in cryptocurrencies, today XRP experienced a significant whale transaction. In addition to the general market conditions, this situation could have contributed to a considerable drop in the price of XRP.
At the time of writing, on December 11th, the XRP price was at $0.61, having dropped below the critical level of $0.62. Despite this drop, well-known crypto analysts in the market still expressed an optimistic outlook for XRP.
Whale Alert, which swiftly shares whale transactions happening on the Blockchain, caught a new XRP transaction in the last 24 hours and reported on the XRP transfer that took place. According to the data shared by Whale Alert, a transfer worth $14.95 million, corresponding to 22.80 million XRP, was made from an unknown wallet to the cryptocurrency exchange Bitstamp.
Although referred to as an unknown address, it was known that this wallet had been involved in XRP transactions for some time. The wallet address in question had attracted the attention of investors by making significant transfers to CEXs (Cryptocurrency Exchanges) over the past month. Moreover, the transfer of XRPs to a CEX while the price was falling stirred fear and great curiosity among crypto investors and traders.
Despite the noticeable decline in the XRP price, crypto analysts maintain their optimism about the future of XRP. At the time of writing, the price of XRP has experienced a sharp decline of 6.23% in the last 24 hours and is currently trading at $0.61. On the other hand, there was a slight decline of 0.83% in the price of XRP last week. Looking at the bigger picture, there was a monthly decrease of 3.93%. Nonetheless, analysts maintain their optimistic expectations for XRP.
Renowned analyst Egrag Crypto recently shared his views on XRP. According to Egrag, the recent drop caused many long positions to be liquidated quickly. However, the analyst still holds a price expectation of $1.4 for XRP. Egrag made this statement during a period when significant price movements were seen in XRP. Additionally, another well-known crypto analyst, Cryptoes, emphasized that if history repeats itself, Ripple’s native token XRP could lead the general crypto sector.