XRP Price Prediction: XRP Spikes 9% On Whale Activity As This Presale Hurtles Past $2.8 Million

Updated: 31 October 2023

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The XRP price surged by 9% in the past 24 hours, reaching the height of $0.61 as of 8 a.m. ET as crypto whales moved 55 million tokens to anonymous wallets.

So far, XRP has been unable to breach the $0.61 resistance. And with another 1 billion XRP scheduled to arrive tomorrow, the price could soon see a strong correction.

XRP has been trading mostly sideways over the past seven days, fluctuating between a support at $0.54 and a resistance at $0.56. The coin has been limited by these two levels from October 25 until yesterday, October 30.

The situation changed around 6 AM ET, when the XRP price managed to break through the resistance at $0.56 and reach the next one at $0.58.

Initially held back by this level, XRP saw rejection on early Tuesday. However, around 4 AM ET, its price started skyrocketing, reaching $0.61 in less than four hours.

The new resistance rejected the price to $0.60, but XRP bounced back up, making a second attempt to breach the barrier. The second attempt was also unsuccessful, and its price is being rejected at the time of writing, currently sitting at $0.6055.

XRP still managed to attract attention and buyers, and its trading volume skyrocketed by 130%, currently at $2.23 billion.

Whale Activity Caused the Rally, but New XRP Release Might Reverse the Effect

According to Whale Alert, a popular crypto tracking platform, an unknown whale recently transferred 25.30 million XRP, worth around $14.68 million from an unknown wallet to Bitstamp. Only hours later, another whale transferred 30 million XRP from Bybit to an anonymous wallet.

🚨 25,300,000 #XRP (14,685,518 USD) transferred from unknown wallet to #Bitstamp https://t.co/mhhz4rGVBR

— Whale Alert (@whale_alert) October 30, 2023

Whale activity encouraged others among crypto traders to make their own moves, which resulted in a rally that took XRP to heights not seen since August.

However, since tomorrow is November 1, Ripple will unlock another 1 billion XRP tokens from an escrow system programmed into the XRP Ledger. The company has been releasing funds on the primary day of each month, and November 1 will be no different. The token unlock will take place in three transactions, releasing 100 million, 400 million, and 500 million XRP.

Given the fact that the XRP circulating supply will be 1 billion larger in 24 hours, this could result in its price reverting back from the current heights.

Bitcoin Minetrix Presale About to Reach $3 Million Raised

XRP is not the only project that attracted attention lately, as the Bitcoin Minetrix presale came close to another significant milestone. The project has already raised $2.85 million.

Another great milestone unlocked by #BitcoinMinetrix!

More than $2,800,000 raised! 🪙 pic.twitter.com/PoH28Wjd7x

— Bitcoinminetrix (@bitcoinminetrix) October 31, 2023

At this point, $3 million raised is only a short distance away. BTCMTX is also about to see another price increase in less than 48 hours, so some buyers may rush in to make a purchase before this happens.

Bitcoin Minetrix has attracted attention because it allows its token holders to stake BTCMTX and receive credits, allowing them to mine Bitcoin.

With Bitcoin about to see another halving in less than six months, interest in mining the coin before this happens has reached an all-time high. Bitcoin Minetrix allows its users to do it on a decentralized, transparent platform in an attempt to rebuild confidence in cloud mining.

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