Following a remarkable upward momentum showcased by the Ripple-backed cryptocurrency XRP over the past few days, substantial whale activity hovering over the crypto horizon appears to have nabbed significant attention among crypto market enthusiasts across the globe. Insights revealed by the tracker Whale Alert points out massive whale transactions orbiting XRP in the past 24 hours, with a majority accumulating tokens from CEXs.

With a staggering 285 million coins on the move, the Ripple-backed token birthed a tidal wave of speculation as it recently topped the $0.69 mark. Meanwhile, with the whale transactions showcasing massive accumulations majoritarily, investors speculate over XRP’s potential to scale the $1 mark ahead.

ConGape Media earlier reported that prominent crypto analysts such as Dark Defender & Egrag Crypto showcased immense confidence in XRP’s potential to hit $1. This stirred a whirlpool of optimism for XRP, aligning with the beginning of an exciting crypto market bull run traders and investors are witnessing across the broader crypto market.

XRP Whale Transactions: Diving Deep

According to the data revealed by the blockchain tracker Whale Alert, eight noteworthy whale transactions surfaced over the past 24 hours, collectively showcasing the shifting of 285.5 million coins, worth $193.68 million. Six of these transactions showcased colossal amounts accumulated from centralized exchanges. In contrast, the remaining two showcased a renowned XRP whale’s transfer to Bitstamp and two unknown wallets shifting a whopping 100 million XRP between them.

The accumulations by unknown addresses, as mentioned above, primarily took place via Binance, whereas an unknown address was recorded to be accumulating 70 million XRP from Upbit, a South Korea-based crypto trading firm. Simultaneously, the unknown wallet address rsX8cp4aj9…XgYsjgUtBL shifted 100 million XRP to another address, rHJgQ4Cbg7…2nheCRefBS, and 19.90 million XRP was dumped to Bitstamp.

The immense and sudden rise in XRP on-chain whale activity echoed a sense of frenzy across the broader crypto market, as a bubble of optimism for the token’s potential run to $1 already prevails. XRP’s price action further fell in line with this optimism today, garnering global attention.

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XRP Price Soars

As of writing, the XRP price increased 14.75% over the past 24 hours and is currently trading at $0.6976. The breaking of the $0.69 mark showcased a robust bullish momentum for Ripple-backed token today, setting off a flood of optimism among investors across the market.

Analysis by CoinGape Media suggested that maintaining a position above the pivotal $0.62 mark comes crucial for XRP. Notably, with its break above $0.69 today, crypto market enthusiasts hope for resiliency in the future, potentially paving the way for the $0.8 threshold. Further, if this bullish momentum persists, XRP could surpass the $0.9 barrier, reaching up to $1.2 ahead.

With Coinglass‘ data also hinting at an uptrend, as open interest surged 32.79% and volume jumped 337.29%, XRP added to the bullishness on its price action ahead. The OI-weighted funding rate rode this wave of optimism, rising to 0.0956%, further hinting at readiness among investors to invest more in long positions.

The above-mentioned data, as a whole, painted a bullish climate for the Ripple-backed token, birthing positive sentiments for its potential run to $1 ahead.

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The post XRP Whales Move 285 Mln Coins As Price Rockets 14%, Is $1 Next? appeared first on CoinGape.

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