Bitcoin lost hold over its most crucial key barrier of $22,000, causing immense chaos in the crypto space. Along with Ethereum, several other altcoins have plunged.
If bears manage to dominate the rally yet again, it will affect the whole crypto market negatively, along with Ripple’s XRP and other altcoins.
XRP Price To See Short-Term Rally Soon
Though Ripple’s native coin XRP has seen quite a good gain in the last few days, the currency is still sluggish.
During May, when the whole crypto market crashed along with Terra (LUNA), XRP lost its hold from the price level of $0.55 and has been hovering at a lower level ever since.
However, as per the latest data, XRP is all set to see a significant price push in the coming days, as there are many dead XRP tokens after several active wallets have pulled out from their holdings.
Many analysts and industry experts are expressing a bullish stance on Ripple’s native token, including Ripple Co-Founder Jed McCaleb. Recently, in the last week, Jed McCaleb sold all of his XRP holdings, and this brought in massive volatility in the market.
Also, many traders and whales have started dealing/trading XRP once again, which indicates that there could be a price rally soon. Additionally, one of the platforms which keenly notes the transfers on Twitter, Whale Alert, claims that in the last two days, there has been a transfer of nearly 375 million worth of XRP tokens. Among these, around 155 million tokens were transferred from one address alone.
All of this information points to the fact that there could be a considerable price rally soon.
To sum it up, though the XRP price movement appears dull recently, with these developing events, there could be a massive surge in price volatility soon.
On July 20, XRP saw a large number of transactions. There were also a large number of inactive XRP tokens that saw a change of addresses due to an increase in token utilization that accounting for 854.32 billion.
At the time of reporting, XRP is selling at $0.34, with a fall of 4.33% in the last 24hrs.