XRP Price Prediction by Analysts as Whale Dumps Over $53 Million
Key Insights:
- Analysts shared a bullish XRP price prediction despite selloffs by whales and traders.
- Whale moved $53 million to Coinbase amid negative whale flow.
- Mixed derivatives market activity signaled uncertainty among traders even after the Ripple vs SEC lawsuit ended.
Whales and some investors are booking profits in XRP after a massive rally last week, which was triggered by a court filing confirming the end of the Ripple vs SEC lawsuit.
Meanwhile, institutional investors bet big on Ripple’s coin for the long term, but traders remained unfazed by the sentiment surrounding the potential XRP ETF and the lawsuit’s conclusion.
So, what’s next for XRP price?
Whale Sells Over $53 Million in XRP
Multiple XRP movements between unknown whale wallets were reported in the last few days. Whale activity slightly grew after the U.S. Securities and Exchange Commission (SEC) and Ripple filed a joint dismissal of appeal and cross-appeal on August 7.
Whale Alert on August 11 highlighted that 16,698,207 XRP moved from an unknown wallet to crypto exchange Coinbase. The transaction was worth more than $53 million, coinciding with significant long positions liquidation over the last two days.
According to CryptoQuant data, whale flow for XRP has sharply flipped into negative territory, indicating outflows from large wallets. XRP price action may remain structurally weak unless whale flows turn positive.
XRP Price Prediction by Popular Analysts
Popular analyst CrediBULL Crypto recommended going long on XRP amid bullish sentiment after the Ripple vs SEC case ended. He predicted an XRP price target of $3.65, the previous all-time high.
Analyst Ali Martinez targeted $11 for XRP price after a breakout above a bull flag pattern in the weekly chart. The prediction almost matched that of other analysts such as Dark Defender and ChartingGuy, who predicted a move to $10.
Crypto analyst Dom noted the profit booking in XRP price, confirming it happened every single time XRP pumped. He thinks sentiment remained bullish above $3.12.
He has suggested that traders keep close track of the $3.33 support. Weekly close above it can trigger a new all-time high for XRP price.
As The Coin Republic reported, options traders target $4.2 as the next level, with $4.5 and $5 by September on the table. Options traders considered interest rate cuts by the U.S. Federal Reserve as a crucial catalyst for the upcoming rally.
According to Deribit data, the strike price of $4.2 has more than 2,600 call bets with a notional value of over $8.6 million for the September quarterly expiry.
XRP price has jumped by 3% in the past 24 hours and by 13% in a week, with the price trading at $3.26. At the time of writing, the intraday low and high were $3.16 and $3.33, respectively.
Trading volume remained flat in the last 24 hours, indicating uncertainty among traders. The indicators such as the relative strength index (RSI) signaled a potential for an upside move.
Meanwhile, institutional inflow data to XRP funds continued to record massive inflows amid the anticipation of XRP ETF approval by the SEC and bullish XRP price predictions by notable analysts.
The derivatives market showed buying activity switched to selling, according to CoinGlass data. At the time of writing, the total XRP futures open interest jumped 4% to $8.46 billion in the last 24 hours.
Meanwhile, 4-hour XRP futures OI on CME and Binance dropped 0.70% and 1%, respectively. This signaled mixed sentiment among derivatives traders,
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