Over the last week, there have been large fluctuations of Ripple XRP currency on-chain. Prices are reaching a critical psychological threshold, but will they be able to break out?
Over the last week or two, the crypto world has seen substantial XRP whale moves. Last week, one whale moved around 143 million coins. Also late last week, additional whales shifted 40 and 60 million bitcoin in separate deals.
On December 13, a massive 300 million XRP were transferred from Binance, valued at an estimated $116 million.
A number of whale transactions have been routed via the Bitstamp exchange. Furthermore, the most recent one, which occurred only a few hours ago, was for 35 million XRP. This is worth around $13.8 million at current pricing.
Whale activity is frequently an indication that something bigger is going on. Significant price fluctuations, however, have yet to occur.
Furthermore, trade volume for XRP has been growing over the last several days. Since December 12, the volume has climbed by 325%, from roughly $317 million to the present level of $1.35 billion.
Prices have risen 5% in the same two days as they reach a crucial price threshold.
Earlier last month, there was also a rise in active XRP addresses, according to Santiment. In addition, the analytics service claimed that XRP whale address supply had increased from 16.7% to 18.3% in five weeks.
Furthermore, the ‘Onchain Whales’ Twitter account claimed an increase in XRP NFT trade.
All of this on-chain activity might be a perfect storm that leads to a price breakthrough.
Prices for XRP are reaching a critical psychological milestone of $0.40. They haven’t been able to beat this price in the last two weeks.
The asset for cross-border payments is presently up more than 2% for the day. As a consequence, XRP was trading at $0.391 at the time of publication.
However, it has been consolidating for the last month and is now trading inside that range. The price is presently down 88.5% from its all-time high of $3.40 in January 2018.
A victory against the SEC next year may catapult it to new heights, but a defeat in court is almost certain to be disastrous.
