Ripple recently sent 470 million XRP (worth almost $250 million) to an unknown wallet, which caused some market speculation on its purpose. While the firm hasn’t given a clear explanation, some believe it may be linked to Ripple’s On-Demand Liquidity (ODL) service or ongoing legal expenses related to the company’s battle with the U.S.
Securities and Exchange Commission (SEC). Just a day after this transfer, XRP whales moved another $814 million worth of XRP, showing large-scale accumulation among high-volume holders. Analysts have pointed out that if Ripple’s transfer indicates an over-the-counter (OTC) sale, it might avoid direct market impact.
However, the movement could still contribute to bearish sentiment among XRP investors wary of potential price volatility. Analysts remain optimistic about XRP’s long-term prospects, particularly after Trump’s recent win in the U.S. presidential election. Several crypto analysts predict that Trump’s victory could fuel a major XRP price rally, with some estimating the token might soar by over 3,000%.
StephIsCrypto has forecasted that XRP could surpass $2, citing Trump’s election win as a catalyst. Amonyx, another well-known analyst, took this bullish view further, predicting that XRP could reach $20 by the end of the year. The analyst links this forecast to potential shifts in the SEC’s leadership, with SEC Chair Gary Gensler expected to leave his post following Trump’s victory.
Since Gensler has been central to the SEC’s enforcement actions against Ripple, his departure could remove a significant regulatory headwind for XRP. This could, in turn, lead to renewed investor confidence in the cryptocurrency. Ripple’s CEO, Brad Garlinghouse, has also commented on the changing regulatory scene, urging President-elect Trump to consider dismissing Gensler on his first day in office.
He also argued that Gensler’s approach has created regulatory uncertainty for the U.S. crypto sector. The firm’s Ripple’s Chief Legal Officer (CLO) Stuart Alderoty echoed this sentiment, advocating for the U.S. to end “regulation by enforcement” and establishing a more crypto-friendly regulatory framework to position the country as a leader in digital assets.
Analyst Ross Vandermeer has taken an even bolder stance, suggesting that XRP price might climb as high as $1,000 following Trump’s victory. Such predictions highlight the market’s anticipation of favorable regulatory changes that could end the legal pressures on Ripple and XRP. Nonetheless, some analysts argue that the recent $250 million transfer might temporarily impact investor sentiment.
However, there is a prevailing belief that regulatory clarity under the new administration could ultimately strengthen XRP’s market position. So, the recent Ripple transfer and subsequent XRP movement have caused market speculation and excitement. Analysts remain optimistic about XRP’s long-term prospects, with some predicting significant price increases due to Trump’s re-election.
Regulatory changes under the new administration could play a crucial role in shaping XRP’s market position.
