In the cryptocurrency arena, Ripple‘s XRP has recently seen a significant price hike, climbing by 30% and surpassing the $0.70 mark. This rally has garnered widespread attention from the investment community. Concurrently, substantial whale activity has been monitored, with large transfers being reported by the blockchain analytics platform Whale Alert. This has fueled speculation regarding the token’s market movements.
Whales Mobilize Millions of XRP
Whale Alert’s tracking data reveals an uptick in XRP transactions among whales. Within a day, six separate transfers totaled a massive 117.92 million XRP. Five of these movements involved deposits to Binance, with 95.2 million XRP reaching the leading exchange. Additionally, a hefty sum of 22.6 million XRP was sent to another exchange, Bitstamp. These activities have piqued the interest of global investors, leading to growing inquiries about the token’s direction.
Investor Sentiment and XRP’s Market Performance
This flurry of transfer activity comes as XRP rides a wave of robust performance, boasting gains outperforming the broader market over the past month and week, according to CoinMarketCap. Investors are speculating whether these whale movements indicate an intent to secure profits soon. Notably, the token’s price has risen to $0.6990, representing an 18.30% weekly and a 31.29% monthly increase.
The token’s trajectory briefly touched the $0.7 threshold, aligning with some analyst forecasts suggesting a potential climb to the $1 mark. The upsurge in whale activity signals accumulation, prompting market analysts to conjecture about XRP’s upcoming price trends.
Despite these developments, derivative market data from Coinglass has taken a downturn with open interest and volume shrinking by 1.83% and 33.25%, respectively. This contraction points to the likelihood of an impending price consolidation phase for XRP.