Hopes for an XRP price rally have been ignited by recent whale transactions. Despite the current bearish trend, over 100 million XRP coins have been accumulated in the past 24 hours, causing excitement among traders and investors. Data from the blockchain reveals that whales have purchased $52 million worth of XRP tokens from Binance, one of the world’s top exchanges.
These significant whale transactions have raised expectations of a potential price increase for the cryptocurrency supported by Ripple Labs. It should be noted that the token is anticipated to surpass its $1 price goal during this bull cycle.
Notably, two whales from Binance are responsible for this noteworthy accumulation, as shown by data from the on-chain transaction tracker Whale Alert. The first transaction moved 50.30 million XRP to the address rfQ9EcLkU6…eN47Rk8Cvi, while an identical amount was transferred in the second transaction to the address rarG6FaeYh…gFsPn2bZKk. It is interesting to note that both of these wallets were activated on the same day, raising questions about the motives behind these transactions.
With such massive accumulations taking place, market sentiment is optimistic. It is worth noting that the coins mentioned above were accumulated while XRP was trading at $0.51. This, coupled with the increasing XRP accumulations at similar price levels, has generated a great deal of market optimism, especially with the goal of reaching $1.
Currently, the price of XRP stands at $0.5207, according to CoinMarketCap, experiencing a marginal drop of 0.47% over the previous day. The market remains bearish, as evidenced by a 2.88% drop over the last seven days.
In previous reports, CNF highlighted the increase in user revenue and demand on the XRPL in Q1 2024, but the price of XRP has not yet reflected these developments.
Meanwhile, the futures open interest (OI) for XRP has grown by 2% to $616.16 million, indicating growing investor excitement in the futures market. However, derivatives volume has declined by 9%, indicating less activity in the markets.
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