In April, XRP whales have sold over 370 million tokens worth $700 million, raising questions about their motives. This sell-off coincided with price fluctuations, leading to speculations around profit-taking, market volatility reactions, or strategic positioning ahead of anticipated events. A bullish trend is expected, with predictions of XRP potentially reaching $2.589.
In April, XRP has drawn significant attention due to increased activity from cryptocurrency whales. These large investors have offloaded over $700 million worth of XRP, equating to more than 370 million tokens, leading analysts to speculate about their intentions behind this considerable sell-off.
Prominent crypto analyst Ali Martínez highlighted a trend where wallets holding between 100 million to 1 billion XRP tokens significantly reduced their holdings between April 3 and 14. This offloading coincided with a drop in XRP prices to new lows around April 8, followed by a rebound to $2.1 as of mid-April.
Potential reasons for this large-scale sell-off could include profit-taking from previous gains, reallocation into alternative investments due to market volatility, or preparations for an anticipated event related to Ripple’s ongoing legal battle with the SEC. Alternatively, such movements may indicate market manipulation aimed at strategic positioning.
Despite uncertainty regarding the motives behind these whale sales, XRP’s significant price activity is notable. Currently, trading around $2, the cryptocurrency’s future will be influenced by these developments.
On the price action front, crypto analyst Andrew Griffiths noted a bullish trend for XRP, following its breaking of two critical resistance levels and establishing solid support. He projects that XRP could rise over 20% in the coming weeks, potentially reaching approximately $2.589 and up to $3.3 based on the Ascending Channel pattern observed in recent price charts.
