Category: Crypto News

Big XRP Sell-off: Will $2 XRP Price in April Happen?

By Published On: April 11, 20246.6 min readViews: 1200 Comments on Big XRP Sell-off: Will $2 XRP Price in April Happen?

XRP, a prominent member of the top 10 cryptocurrencies based on global market capitalization, generated a surge of speculation on April 3 due to notable whale activity surrounding the token. This occurrence coincided with recent corrections observed in the cryptocurrency market. The sale of 25 million XRP by a well-known whale added an air of mystery to the future trajectory of the Ripple-backed token, sparking inquiries among investors regarding the potential price movements of XRP going forward. Let’s take a look at this XRP price prediction article.

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XRP Price Prediction: How has XRP Price moved recently?

XRP/USD Daily Chart- TradingView

As of today, April 3, 2024, the price of XRP stands at $0.590015, accompanied by a 24-hour trading volume of $3.22 billion. The market capitalization of XRP amounts to $32.42 billion, with its market dominance currently at 1.29%. Over the past 24 hours, the XRP price has decreased by -1.68%.

XRP achieved its highest recorded price on January 4, 2018, reaching an all-time high of $3.92 per token. Conversely, its lowest recorded price was observed on July 7, 2014, when it traded at an all-time low of $0.002802. Since its all-time high, the lowest price XRP has reached in the subsequent cycles was $0.113268 (cycle low), whereas its highest price in this period was $1.977930 (cycle high). Presently, the sentiment regarding XRP’s price prediction leans bearish, while the Fear & Greed Index indicates a reading of 71, signaling greed among market participants.

Regarding its supply dynamics, XRP’s current circulating supply stands at 54.94 billion out of a maximum supply of 100.00 billion XRP. The yearly supply inflation rate currently stands at 9.32%, resulting in the creation of 4.68 billion XRP over the past year.

XRP Price Prediction: The XRP Whale Transaction Analysis

Whale Alert’s data recently highlighted a significant XRP whale selling 24.80 million coins valued at $14.70 million to Bitstamp, a cryptocurrency exchange based in Luxembourg City. This transaction occurred amidst XRP’s decline below the $0.60 mark, contributing to a bearish outlook among investors by indicating increased token supply on exchanges.

Moreover, similar occurrences of the same whale making dumps to Bitstamp. This recurring pattern, especially following Ripple’s strategic stake acquisition in Bitstamp, has sparked speculation regarding the American blockchain payments firm’s influence on XRP’s market dynamics.

Furthermore, on-chain metrics and technical indicators for XRP have raised uncertainties regarding the possibility of the token reaching even $1 in April. Despite optimistic forecasts from leading analysts worldwide, the anticipated bullish momentum for the Ripple-backed token faced setbacks due to recent market corrections.

Adding to the uncertainty surrounding XRP’s future is the US Securities and Exchange Commission’s (SEC) recent appeal on a final judgment concerning the ongoing lawsuit against Ripple. As a result, XRP’s current trading status remains in the red, echoing the prevailing bearish sentiment in the market.

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exchange comparison

 XRP Price Prediction: Will $2 in April Happen?

The recent series of events surrounding XRP, including notable whale activity, recurring dumps to Bitstamp, and the ongoing legal battle with the SEC, are likely to exert significant influence on the price dynamics of the Ripple-backed token.

The offloading of 24.80 million XRP coins by a whale to Bitstamp, amid the token’s decline below the $0.60 threshold, has instilled a bearish sentiment among investors. This surge in supply on exchanges could potentially weigh down on XRP’s price further in the short term, as heightened selling pressure may overwhelm buying interest.

The recurring dumps to Bitstamp by the same whale, particularly following Ripple’s strategic stake acquisition in the exchange, have fueled speculation regarding Ripple’s potential involvement in manipulating XRP’s market dynamics. Such perceptions of market manipulation could erode investor confidence in XRP and contribute to increased volatility in its price movements.

Additionally, uncertainties stemming from the ongoing legal battle with the SEC pose significant risks to XRP’s price outlook. The regulatory uncertainty surrounding XRP’s classification as a security continues to cast a shadow over its future prospects. The outcome of the legal proceedings and any regulatory actions taken against Ripple could have profound implications for XRP’s adoption and utility, consequently impacting its price trajectory.

In terms of predictive analysis, XRP’s price is likely to experience heightened volatility in the near term, with the potential for further downward pressure as a result of increased token supply on exchanges and regulatory uncertainties. However, if Ripple successfully navigates the legal challenges and demonstrates resilience in maintaining its partnerships and adoption efforts, XRP could see a rebound in price sentiment over the medium to long term.

Overall, the interplay between whale activity, regulatory developments, and market sentiment will continue to shape XRP’s price dynamics in the coming weeks and months, with the potential for both downside risks and upside opportunities depending on the resolution of these factors. 

Predicting whether XRP will reach $2 in April 2024 requires a comprehensive analysis of various factors affecting its price dynamics.

Over the past year, XRP has shown a modest increase in price, rising by approximately 18%. While this indicates some positive momentum, it falls short of the significant growth needed to reach the $2 mark.

The fact that XRP is currently trading above its 200-day simple moving average suggests a relatively stable trend in the medium term. Additionally, the token has experienced a relatively high number of green days in the past month, with 16 out of 30 days showing gains, reflecting a bullish sentiment in the short term.

XRP’s high liquidity, as indicated by its market capitalization, is a positive indicator for its price potential. However, it’s important to note that XRP has been outperformed by 75% of the top 100 crypto assets over the past year, indicating that it may face stiff competition in gaining momentum.

Moreover, XRP has lagged behind leading cryptocurrencies like Bitcoin and Ethereum, which have outperformed it during the same period. This suggests that XRP may face challenges in competing with these dominant players in the cryptocurrency market.

Furthermore, XRP remains significantly down from its all-time high, with a decline of approximately 85%. While this presents an opportunity for potential growth, it also underscores the challenges XRP faces in reclaiming its previous highs.

Considering XRP’s yearly inflation rate of 9.32%, which contributes to the token’s supply dynamics, it’s essential to factor in the potential impact of supply inflation on its price trajectory.

Based on the current price of $0.5896, reaching $2 in April 2024 would require a substantial surge in price. While XRP has shown some positive indicators, such as trading above its moving average and demonstrating short-term bullish sentiment, achieving a price target of $2 within the specified timeframe seems unlikely given the current market conditions and XRP’s performance relative to other cryptocurrencies.

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