Whales try to raise XRP to $0.4 — coin competitor could do 6000%+ by the end of the year

The activity of the whales of XRP holders has increased the trading volume and the value of the asset. It all started last week when the big players began moving an enormous amount of native Ripple tokens, and now prices are approaching the key level of $0.4. However, whether they can break through it is still an open question. 

XRP trading volume

The cryptocurrency community’s attention has been drawn to the actions of the whales, one of whom transferred XRP 143 million in the first week of November. Two smaller transactions of 40 million and 60 million coins were also observed, but the largest occurred on December 13 when an unknown person transferred 300 million XRP from Binance. Such large transactions are usually a sign of actions from either a single whale or an entity made up of multiple large investors. 

Such manipulations affect the coin’s value and trading volume. There have been no global changes in the price of the token yet, but as for the latest figure, according to Beincrypto, XRP’s trading volume has increased since the 12th of December by 325% from $317M to 1.35B. 

XRP NFT selling activity has also increased, indicating good online activity and that prices will rise soon. 

XRP current price

The value of the native token is slowly but approaching the key level of $0.4. It is also influenced by the fact that the Bitcoin price has been rising lately, with other assets crawling behind it, as usual. However, that likely won’t be enough for the value of Ripple’s native token to take on the necessary bar. According to CoinMarketCap, at the time of writing, the token is trading at $0.3902, with a market capitalization of $19.69. The cryptocurrency has increased in value by 1.08% in the last 24 hours, and by 3% in the last week. 

The token’s main target now is to fix at $0.4, but that’s still nothing compared to its historical high when XRP was trading at $3.4 in January 2018. 

Experts note that whale and shark moves always affect the market, but where the price of assets will go depends on what the big holders are trying to achieve with their actions. 

Let’s take a look at a transaction by a whale who withdrew about $33M in XRP from Binance, for example. Experts noticed that in this case, the sender was a cryptocurrency user wallet and the recipient was an unknown address. This suggests that the latter was in no way related to Binance. There is a good chance that it is a personal wallet or an investor who moves funds for long-term storage. Experts argue that the actions taken by such players indicate their bullish nature.

Ripple and SEC

Ripple’s 19-month battle with the U.S. Securities and Exchange Commission, which has forced the company to conduct most of its operations outside of America, is also affecting the value of the asset. The litigation has affected investors, and the price is down 65% from 2021. 

Ripple sees a solution to the problem as working in Europe. According to the company’s lawyer, they are now preparing to obtain a license from the central bank of Ireland, which will allow the company to legally conduct business in the EU. However, not all investors liked this step either, some of them decided to switch to the safer token The Hideaways (HDWY currently trades at $0.1 per coin and is predicted to grow by 6000% by the end of the year), which, though new to the market, is rumored to be more stable.