• 28 May, 2024
Market News

Analyst Predicts XRP 1,135% Surge Amidst $71.39M Whale Transactions

The cryptocurrency community is paying attention to Ripple’s XRP as a significant price decline coincided with two large transactions, adding up to 126.7 million XRP. These transactions took place over the last 24 hours and included the transfer of XRP between unknown wallets and a cryptocurrency exchange (CEX).

Whale Alert reported on two notable trades. The first entailed the transfer of 26.7 million XRP to Bitstamp, a famous Luxembourg crypto exchange. Concurrently, the second transaction saw 100 million XRP sent from Ripple to an unnamed wallet. The total value of these transfers was $71.39 million, causing worry among cryptocurrency enthusiasts.

Furthermore, these transactions coincide with a period of decline in the XRP value, which currently stands at $0.5589. This represents a 1.60% decrease in the last 24 hours, an 8.55% drop over the week, and a 13.47% decline for the month.

Ben Armstrong, a well-known crypto personality, predicted a 1,135% rise for XRP, hitting $7 during the impending bull market in a YouTube video. He underlined the potential for XRP to continue growing, particularly with Ripple’s upcoming initial public offering (IPO) and the prospective launch of an Ethereum exchange-traded fund (ETF).

Moreover, Armstrong highlighted the significant contrast between XRP and Solana, foreseeing a considerable 952% surge in Solana’s value, projecting it to reach $1,000 by 2024. As of the latest update, Solana’s current valuation is $90.51, indicating a 3.89% decrease in the last 24 hours. 

Armstrong forecasts that XRP’s rise to $7 is pre-programmed, coinciding with Ripple’s IPO and anticipated euphoria around it. He claimed that the establishment of an Ethereum ETF might also assist XRP’s bullish case, placing it as the next promising cryptocurrency due to regulatory certainty in the United States.

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