In a thrilling plot twist witnessed recently, a staggering 427 million XRP on the move appears to have piqued the interest of crypto market traders and investors globally. As per insights unveiled by the blockchain tracker Whale Alert, a whopping 400 million XRP was unlocked from escrow at Ripple, whereas a renowned XRP whale shifted nearly 27 million XRP to a centralized exchange.

Meanwhile, the Ripple-backed token traded in the red today, birthing additional inferences for XRP’s price action ahead. An eminent crypto market analyst, Ali Martinez, contrastingly proclaimed the token to be potentially gaining a bullish momentum ahead, garnering noteworthy interest among crypto market enthusiasts.

Ripple’s Escrow Unlock & Whale’s Dump

According to the data revealed by the blockchain tracker Whale Alert, Ripple was noted to be unlocking the aforementioned amount of coins, worth $217.40 million, from escrow on Sunday, February 25. Whereas, an XRP whale, going by the address r4wf7enWPx…5XgwHh4Rzn, transferred 27.40 million XRP, worth $14.92 million, to Bitstamp, a Luxembourg City-based CEX.

Intriguingly, Ripple’s massive unlock welcomed new XRP coins into the market, increasing the token’s supply. Additionally, the whale’s enormous dump to a CEX also aided the rise in supply, aligning with the token’s trading in the red witnessed recently. Usual market sentiments of a slump in price with a pump in supply seem to be lingering with these XRP moves.

Also Read: Top 3 Crypto Gainers of The Week: UNI, FIL, and WLD

XRP Price Tumbles

As of writing, the XRP price noted a drop of 0.91% over the past 24 hours and is currently trading at $0.5403. The bearish movement illustrated by the token somewhat aligns with the abovementioned transactions as supply rises.

Notably, Ali Martinez spotlighted vital market dynamics for the Ripple-backed token, hinting at a potential bull run ahead. As per the analyst, the TD Sequential indicator issued a buy signal on XRP’s weekly chart, amassing bullish thoughts among crypto market participants. A sustained weekly close above $0.57 could catalyze a push toward $0.63 or even higher, hitting $0.65, as per Martinez. The 1.09% rise in open interest, per insights by Coinglass, further showcased new money entering the market, aligning with the analyst’s remarks.

The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW

— Ali (@ali_charts) February 25, 2024

Also Read: MicroStrategy’s Twitter Hack Incident Causes Investors to Lose $440,000

The post 427 Mln XRP On The Move Sparks Curiosity, Will Price Reach $0.63? appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am