XRP Price Prediction as Mystery Whale Transfers 100 Million XRP From ‘Unknown’ Wallet – What’s Going On?
The XRP price has jumped by 10% in the past 24 hours, reaching $0.6921 after several big transfers sparked a buying frenzy yesterday.
One transfer in particular – involving the movement of 100 million XRP from one unknown wallet to another – was responsible for most of yesterday’s bullishness, with XRP now up by 8% in a week and 30% in a month.
Such activity could be a prelude to an even bigger XRP rally later in the year, when Ripple reaches a final settlement with the SEC.
Assuming that such a settlement ends up being largely positive for Ripple, the XRP price could surge aggressively, passing $1 again.
XRP Price Prediction as Mystery Whale Transfers 100 Million XRP From ‘Unknown’ Wallet – What’s Going On?
There’s a possibility that XRP could correct a little after yesterday’s big jump, with the coin’s indicators suggesting that traders overbought it.
In particular, XRP’s relative strength index (purple) has fallen to 65 after passing 70 a day ago, with the indicator continuing to point downwards this morning.
At the same time, the coin’s 30-day average (yellow) has been rising very steeply above the 200-day (blue), another sign that it’s perhaps a little too hot at the moment.
Yet given that XRP had underperformed in recent weeks in relation to other major coins, it can arguably afford to enjoy a sustained period of growth.
Its volume has certainly risen substantially, going from about $1.3 billion a couple of days ago to $7 billion today.
Such interest is likely to push the token higher in the next few days, and available data does suggest that whales are still buying up the token right now.
🚨 19,749,927 #XRP (13,617,747 USD) transferred from #Binance to unknown wallethttps://t.co/KOiTo5Bhup
— Whale Alert (@whale_alert) March 12, 2024
As such, there’s an expectation that XRP has some more rising to do, both in the near term and the longer term.
On the one hand, the intensifying bull market is likely to continue lifting XRP, with rising Bitcoin ETF volumes helping to fuel wider bullishness.
On the other hand, investors expect Ripple to reach a settlement in its long-running legal case with the SEC later this year, something which will help the company to move forwards.
$XRP is going to pump to $1 resistance and shot up to $1000 soon, as the lawsuit is drawing close with offers of settlement from both #Ripple & #SEC
In the mean time, you can just pay the dice 🎲 fun game on @MagneticXRPL and double your tokens easily 😜
Play Dice 👉… pic.twitter.com/AvK5eSdQ4h
— RippleLord 🥇 (@Ripplelordz) March 3, 2024
In turn, this will increase positivity surrounding XRP, helping the XRP price to reach levels it hasn’t seen in years.
It could potentially reach $1 by the summer, before moving towards $3 by the end of the year.
New Meme Coins for Above-Average Rallies
Because XRP is in an overbought position, and because it may have to wait for a Ripple-SEC settlement for future big moves, traders may prefer to turn to other coins already.
The market is currently awash in new, small-cap coins, with most of these being of dubious quality.
However, there are some newer tokens with solid fundamentals and prospects, with one of the best being Scotty the AI (SCOTTY), a new Ethereum-based coin that combines viral memes with AI-powered trading tools.
Launched last month, its presale has already risen over $7.7 million, signalling strong interest from investors.
💥Presale Update!💥
ScottyTheAi #1 #memecoin (w/Ai utility) of 2024$SCOTTY has raised $7.7M
🎉 this was raised way faster than expected due to the high demand of the crypto community wanting to join ScottyTheAi.
Well on our way to closing out presale early and heading for… pic.twitter.com/VTkUi9rxV8
— Scotty The Ai (@ScottyThe_Ai) March 12, 2024
Distinguishing itself from the vast majority of other new meme coins, Scotty the AI comes with genuine utility.
Its trading-focused platform offers two innovative and main features, Scotty Swap and ScottyChat.
Scotty Swap is a trading protocol for performing atomic token swaps, yet it also uses AI to provide a more user-friendly and streamlined experience.
As for ScottyChat, it’s a generative AI-based bot that can answer queries related to price movements and trading signals, for example.
By combining both features, traders will have a better chance of trading more profitably, as well as of buying up new tokens before they begin trending.
As a token, SCOTTY will have a max supply of 1.7 billion, with 50% going towards the presale (and the rest allocated to marketing, liquidity and staking).
Given that it will be the utility token of the aforementioned features, it will experience rising demand as these features attract adoption and become more popular.
It could, therefore, rise big in the future, with investors able to buy the token now by visiting the official Scotty the AI website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
