The price of $XRP could soon end a long accumulation phase and breakout above its range that has been seeing it peak at $1.3 over the last few months, according to a closely followed cryptocurrency analyst.
On Twitter, as Daily Hodl reports, the pseudonymous analyst going by Altcoin Sherpa has told his nearly 150,000 followers that the XRP price chart “doesn’t look bad” as it has low volatility candles and “looks a bit like accumulation.” Per his words, the trade may not be a “great active trade,” but the cryptocurrency is one to watch.
Altcoin Sherpa predicted that if altcoins or bitcoin start surging, XRP could be a “really strong buy” as “retail loves cheap coins.”
The analyst, it’s worth noting, accurately predicted that the price of Binance Coin ($BNB) would climb to the $600 mark earlier this month and is now expecting that altcoin to surge again both against the U.S. dollar and BTC.
As CryptoGlobe reported, a cryptocurrency whale has recently moved a whopping $12 billion worth of XRP in a transaction that cost next to nothing to process thanks to the network’s low fees. According to data from the XRP Ledger, a total of $12.3 billion worth of XRP were moved in the transaction that cost 0.000012 XRP, or $$0.0000157 to process.
It’s unclear who sent the transaction and who received it – if it was even a different entity – but the transaction highlights a key benefit of top cryptocurrencies: the low transaction fees that are possible even for extremely large transactions.
Crypto whales own a large share of XRP’s circulating supply, which means they can single-handedly move its price if they decide to sell their holdings. Similarly, whales are able to move up the price of XRP if they decide to keep on accumulating.
Prominent cryptocurrency analyst Credible Crypto has earlier this month reaffirmed his prediction for XRP, revealing he believes the cryptocurrency is due for a massive breakout in the near future based on its price chart.
The cryptocurrency’s price was last year affected by a lawsuit filed from the U.S. Securities and Exchange Commission (SEC) against Ripple and two of its executives alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Ripple has argued the lawsuit “already affected countless innocent XRP retail holders with no connection to Ripple.” It added it “muddied the waters for exchanges, market makers, and traders.” The firm’s CEO Brad Garlinghouse has said the fintech firm is highly likely to go public after it settles its lawsuit with the regulator.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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