• XRP has experienced a major surge in price recently due to Brad Garlinghouse’s positive comments on Ripple winning and XRPL core ledger’s development.
• A huge token movement was tracked by Whale Alert crypto tracker, with 221,500,000 XRP (89,110,472 USD) transferred from an unknown wallet to another.
• Despite this, the altcoin is preparing for a downturn due to ongoing massive transactions and investors are uncertain if XRP will break its multi-year bearish trend.
The cryptocurrency market has been in a state of constant flux over the past year, with major altcoins like XRP experiencing significant price fluctuations. Recently, XRP has seen an unexpected surge due to positive comments by Ripple’s CEO, Brad Garlinghouse, about Ripple’s potential win in the ongoing lawsuit against the SEC. This has led to a long bullish candle and an increase in the altcoin’s price.
The surge in XRP’s price has been further amplified by the development of XRPL core ledger, a decentralized blockchain currently under development. The process of structuring the network is ongoing and promises to provide greater decentralization to the XRP blockchain.
However, despite the current surge in price, XRP is still preparing for a downturn due to ongoing massive transactions. Whale Alert crypto tracker has tracked a huge token movement, with 221,500,000 XRP (89,110,472 USD) transferred from an unknown wallet to another. This has caused confusion among Ripple’s investors, as they are uncertain if XRP will be able to break its multi-year bearish trend.
At the moment, it is difficult to predict which direction XRP’s price will go in the near future. As such, investors should proceed with caution and keep an eye on the altcoin’s price movements. If XRP continues to make higher highs and lows, then there is a good chance that the altcoin will be able to break its multi-year bearish trend. However, if the altcoin’s price begins to fall, then investors may need to consider opening short positions near current levels.