XRP, a well-known cryptocurrency associated with Ripple Labs, stirred a wave of speculation within the broader crypto market on Wednesday. Notable whale transfers, involving a total of 63 million XRP, were observed through on-chain data. Despite this, the cryptocurrency community displayed significant optimism about XRP, attributing it to the apparent growth in on-chain activity for the token. Interestingly, the market charts for this Ripple-backed cryptocurrency revealed notable declines, prompting additional insights and interpretations for the token’s performance. Let’s take a look at this XRP price prediction article.
How has the XRP Price moved in recent days?
As of the latest update, the current price of XRP stands at $ 0.564710, with a 24-hour trading volume of $ 2.78 billion, a market capitalization of $ 30.61 billion, and a market dominance of 1.77%. Over the last 24 hours, the XRP price has experienced a decrease of -1.01%.
XRP’s historical price data reveals that it reached its highest point on January 4, 2018, trading at an all-time high of $ 3.92. In contrast, its lowest recorded price occurred on July 7, 2014, when it traded at its all-time low of $ 0.002802. Notably, the lowest price since its all-time high was $ 0.113268 (cycle low), while the highest XRP price since the last cycle low was $ 1.977930 (cycle high). The current sentiment for XRP’s price prediction is bearish, while the Fear & Greed Index reflects a reading of 73 (Greed).
Regarding its supply dynamics, the circulating supply of XRP is currently 54.21 billion XRP out of a maximum supply of 100.00 billion XRP. The ongoing yearly supply inflation rate is 7.86%, resulting in the creation of 3.95 billion XRP in the last year. In terms of market capitalization, XRP holds the #5 position in the Layer 1 sector.
Whale Alert: Noteworthy XRP Transactions
As per data disclosed by the blockchain tracking platform Whale Alert on January 10, two substantial transactions have taken place. These transactions involved the transfer of a substantial 63.36 million XRP, valued at $36.03 million, to and from well-known Centralized Exchanges (CEXs). The first transaction saw the movement of 26.4 million XRP, valued at $15.05 million, to Bitstamp, a centralized exchange. The second transaction involved the transfer of 36.96 million XRP, valued at $20.98 million, from MEXC to an unidentified wallet.
MEXC crypto exchange, played a role in these transfers. The unknown wallet, identified as r4wf7enWPx…5XgwHh4Rzn, initiated the transfer to Bitstamp, while another address, r3BFHL2EXZ…P9tN7tyd6W, received XRP from MEXC.
These transactions garnered additional attention due to their occurrence on the same day that legal expert Fred Rispoli announced updates on the ongoing Ripple vs. SEC legal saga. Rispoli, supporting the XRP community, revealed on January 9 that the damages investigation deadline is set for February 12, 2024. This announcement marks a significant development in the ongoing legal battle between Ripple and the SEC this year, building on noteworthy events.
What will happen to XRP Price?
Yet, the XRP price is displaying indications of recovery in anticipation of the awaited approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). Following Ripple’s legal proceedings last year, the cryptocurrency is poised to potentially benefit from positive market signals, suggesting a bullish outlook in the near future.
Ripple, intricately linked to the XRP Ledger, retains a significant stake in XRP, amounting to around 45 billion tokens distributed across escrow and spendable accounts. A meticulous examination of the ledger reveals a diverse user base, with the majority of XRP holders managing relatively modest amounts ranging from twenty to five hundred tokens in each wallet. This distribution underscores the broad involvement of users with smaller investments in the digital asset, contributing to a decentralized and widespread ownership pattern.