A Ripple whale moved 167 million XRP amid a sharp market correction, sparking speculation about its impact.
On X, Whale Alert posted that the whale moved 167 million XRP, worth approximately $367 million, to an unknown address. While some see it as fund consolidation or an over-the-counter (OTC) trade, experts anticipate a potential price rebound.
The sale occurs as XRP is under strong selling pressure, falling 5% in the past 24 hours and 20% in the last week. Trading volume has increased by 68.37% despite the fall, indicating higher market activity.
This is not the first big movement during XRP’s bearish trend. Recently, whales transferred 150 million XRP, at the same time as the asset’s price fall. Such large transfers tend to trigger rumors of possible market action, with some traders interpreting them as a sign of accumulation ahead of a rebound.
In spite of bearish sentiments in the market, experts hold the view that XRP is ready for a significant rally. Crypto analyst Dark Defender estimates XRP will soar to $333 if it imitates its bull run in 2017.
Weekly inflows of XRP have continued to surpass Bitcoin and Ethereum for four weeks running, indicating institutional sentiment in the asset.
On-chain metrics also paint a bullish picture, with weekly active addresses hitting 1.15 million, the highest in XRP’s history. While selling pressure remains, XRP is eyeing a short-term climb to $3, with the critical $2.70 resistance level being a key hurdle to watch.
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