XRP, an eminent cryptocurrency backed by Ripple Labs, echoed a sense of frenzy across the global crypto landscape on Tuesday following significant whale activity recorded by the blockchain tracker Whale Alert. As per the data facilitated, four whale transactions collectively displayed the accumulation of a staggering 264.41 million XRP, worth $139.93 million, from Binance, one of the world’s leading cryptocurrency exchanges.

Meanwhile, XRP’s price chart by CoinMarketCap showcased a substantial upward momentum as of today, piquing the interest of crypto market enthusiasts. Additionally, the derivatives data for the Ripple-backed token further mirrored the pump in value witnessed today, birthing bullish thoughts on XRP across the crypto horizon.

Top crypto analysts across the globe also appeared to remain bullish on XRP, as seen in numerous posts shared recently by Cryptoes, XRP Whale, and Egrag Crypto.

Diving Deep Into Today’s XRP Whale Transactions

According to the data revealed by Whale Alert, the four whale transactions that accumulated XRP were carried out by four different addresses …LQkK, …8Cvi, …4iNf, and …bZKk. The transactions surfaced across the broader crypto market today, February 13.

Aligning with this, the address LQkK was noted to be accumulating 20.63 million XRP from Binance, whereas the address 8Cvi withdrew 21.23 million XRP from the same. The addresses 4iNf and bZKk gathered 200 million and 22.55 million XRP, respectively.

Simultaneously, the aforestated accumulations also emerged amid the token’s recent pump, birthing additional inferences for XRP. Derivatives data offered by Coinglass mirrored the current market sentiment, showcasing a 6.55% increase in open interest, resting at $640.01 million. This further aligned with the price jump and whale activity witnessed today, signaling an uptrend for XRP.

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XRP Price Jumps

Aligning with the aforementioned data, the XRP price traded in the green today, showcasing a 1.81% upswing in the past 24 hours, reaching $0.528.

Intriguingly, prominent analysts globally appear to be bullish on XRP, as mentioned above and also seen in a post by the analyst Dark Defender. Reportedly, the analyst predicted XRP would hit the wave three target of $1.88 and subsequently remained persistent in his statement.

Also Read: Pro-XRP Lawyer Deems XRP’s ‘Poor’ Performance ‘Unnatural’, Price To Hit $0.6 Soon?

The post XRP Whales Accumulate Over 250 Mln Tokens From Binance As Price Nears $0.53 appeared first on CoinGape.

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