There was a recent event within the Ripple ecosystem, leading to massive speculations from community members. So, there was a transaction of around $56 million from the XRP team. Apparently, this made the token have a bit of resurrection from its recent decline. But can the price take more steps forward?
Ripple In Active Participation of a Pivotal Moment in the Crypto Industry
- The crypto market is currently at one of its make-or-break moments, and Ripple (XRP) is actively participating. So, one of the key things is the recent shift in Grayscale Investment funds. Apparently, Grayscale kicked out Polygon of their plans. Thus, leading to the addition of Ripple and Avalanche in a new form of fund reallocation. Furthermore, this new move puts XRP at the forefront of what is happening in the crypto market. So, if there should be the approval of a Grayscale spot BTC ETF, Ripple will be one of the benefactors.
- Moreover, Ripple was already a big player in the market before the hype around spot Bitcoin ETFs. So, it was one of those projects actively pushing for the adoption of cryptocurrencies. One can see this with the adoption of their XRPL in many countries. But they are about to do more with the addition of Ripple in Grayscale spot Bitcoin ETF plans.
Ripple’s (XRP) $56M Transfer: Any Suspicions?
- According to new data from popular blockchain data aggregator Whale Alert, there was a massive transfer of XRP. So, one thing that makes this transfer unique is that it was coming from the Ripple team. Apparently, there was a transfer of 100 million XRP, valued at approximately $56.35 million, from the Ripple team. So, there were implications to this transfer.
- It made the XRP’s price increase to new levels. Furthermore, there was as much as a 5% surge after the discovery of this transfer. Moreover, the transfer was to an unknown wallet. Nevertheless, the XRP’s price was still quick to settle down to normal levels after the surge. Now, there are questions on whether the price can touch $1.
Ripple (XRP) Latest Price Update: Can it Reach $1?
- At the time of writing, XRP is at a crossroads in the crypto market. So, the weekly and monthly chart shows this token is having a massive decline in its price. However, the 24-hour data shows a little bit of bullish signs. Going deeper, the 10-day Simple Moving Average (SMA) at $0.5593 and the 200-day SMA are not showing any bullish trend. Furthermore, even the Relative Strength Index (RSI) suggests that XRP is indecisive in the market. Hence, XRP will have to take a strategic step if it wants to reach the $1 price prediction.
Conclusion
As a recap, investors are paying much attention to the XRP token. So, this is because of its significance in the crypto market. Apparently, it has a lot of things to offer to investors. Moreover, there was a recent inclusion of XRP in the plans of Grayscale. Nevertheless, the price of this token has yet to make a massive move.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
