The Ripple-backed token, XRP, appears to have birthed a torrent of speculative buzz across the cryptocurrency realm today, March 7, as it registered massive whale activity over the past 24 hours. Insights unveiled by the blockchain tracker Whale Alert spotlighted four noteworthy transactions, shifting roughly 66.06 million XRP, piquing the interest of crypto market traders and investors as XRP regained an upward momentum, per CoinMarketCap’s data.

Meanwhile, with optimism orbiting the Ripple-backed token’s potential run to $1 prevailing within the broader crypto market, these transactions birthed additional inferences among crypto market enthusiasts as derivatives data hinted at a bearish sentiment prevailing. However, XRP traded in the green as of press time, adding up to the speculative buzz.

XRP Whale Transactions: A Detailed Report

According to the data revealed by the blockchain tracker mentioned above, two whale transactions collectively showcased XRP accumulated from Binance, the world’s leading cryptocurrency exchange, whereas a renowned XRP whale shifted coins to CEXs Bitstamp and Bitso in two separate transactions.

The amount of coins accumulated from Binance totaled 37.06 million XRP, with the wallet addresses …gFsPn2bZKk and …GRbuXFLQkK, accumulating 18.72 million and 18.34 million XRP coins, respectively. While on the other hand, the wallet address ..5XgwHh4Rzn shifted 17.20 million and 21.80 million XRP coins to Bitso and Bitstamp, respectively.

These transactions rode a wave of mixed sentiments within the market, with accumulations portraying whales’ confidence in the asset and the renowned XRP whale’s dump contrasting this sentiment.

Meanwhile, with the Ripple-backed token regaining its upward movement today, crypto market enthusiasts speculate over the altcoin’s run to the highly optimistic $1 level.

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XRP Price Soars

As of writing, the XRP price noted an uptick of 4.25% over the past 24 hours and is currently trading at $0.6178.

Notably, in contrast to the token’s today’s upward movement, derivatives data unveiled by Coinglass showcased a bearish sentiment existing within the market. The token’s open interest dropped 2.62%, whereas volume fell 47.81%, hinting at short sellers covering positions.

However, with trading view’s data hinting at a buying sentiment among investors, accompanied by the whales’ massive accumulation, crypto market enthusiasts appear to be optimistic about the altcoin’s potential run to $1.

As reported by CoinGape Media earlier, top analysts such as Dark Defender and Egrag Crypto retained their bullishness on XRP’s run to $1, adding up to the optimism and making waves throughout the cryptocurrency trading landscape.

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The post XRP Whales Relocate 66 Mln Coins As Price Eyes $1 appeared first on CoinGape.

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