There have been significant movements of Ripple XRP coins on-chain over the past week. Prices are approaching a key psychological level, but can they break out?
The crypto community has been observing significant XRP whale movements during the past week or so. Around 143 million coins were moved by one whale last week. Additionally, other whales moved 40 and 60 million coins in separate transactions late last week.
A whopping 300 million XRP were moved from Binance on Dec. 13, worth an estimated $116 million.
Several whale transactions have gone to the Bitstamp exchange. Furthermore, the most recent one a few hours ago was for 35 million XRP. At current prices, this is worth around $13.8 million.
Trade Volume Increasing
The whale activity is usually an indicator of something larger brewing. However, significant price movements have yet to materialize.
Additionally, trading volume has been increasing for the XRP over the past couple of days. Since Dec. 12, the volume has increased by 325% from around $317 million to $1.35 billion, where it currently stands.
In the same two-day period, prices have ticked up 5% as they approach a key price level.
According to Santiment, there has also been a spike in active XRP addresses earlier this month. The analytics provider also reported that XRP whale address supply held went from 16.7% to 18.3% in five weeks.
Furthermore, the ‘Onchain Whales’ Twitter account reported that XRP NFT trading was also increasing.
All of this on-chain activity could be a perfect storm leading to a breakout in price.
XRP Price Outlook
XRP prices are approaching a key psychological level at $0.40. They have not been able to top this price for the past fortnight.
The cross-border payments asset is currently trading up by more than 2% on the day. As a result, XRP was changing hands for $0.391 at the time of press.
However, it has been consolidating for the past month and remains within that range for now. The price is currently down 88.5% from its January 2018 all-time high of $3.40.
A win against the SEC next year could propel it much higher, but a loss in court is likely to be catastrophic.
Bitrue