XRP: Huge Whale Transactions Amid Price Rally
Ripple Labs’ XRP witnessed a significant whale activity of nearly 6.2 Million XRP tokens which triggered speculations around the XRP community.
Ripple’s (XRP) price has exceeded the $0.60 level, gaining the attention of traders and investors. Amidst the price surge in XRP price, a massive whale activity has been observed that could lead to a further surge in its price.
Two significant transactions amounting to 61.99 million XRP were witnessed in the XRP community today. According to Whale Alert’s data, the whale transactions were transferred to and from Binance. The first transfer was a staggering 21.99 million XRP, worth $12.85 million, while the second transfer amounted to 40 million XRP, equivalent to $23.47 million from an unknown wallet to Binance.
The two whale transactions raised some speculations within the crypto market. One showed signs of accumulation while the other showed a sell-off. Meanwhile, the XRP price still shows a bullish trend despite the massive whale transactions.
As of this writing, XRP price is 2.07% higher, trading at $0.59 in the last 24 hours. Earlier today, it was trading at $0.60 gaining noteworthy attention.
After weeks of bearish movement, the XRP price has been on an upward momentum since the end of last week. XRP has recovered from $0.52 and has been rising steadily throughout the whole month.
In addition, the increasing open interest and the weighted funding rate show a growing confidence among investors with the potential for long positions.
Analysts also believes that if XRP bullish trend continues, the altcoin could be facing significant levels of $0.75 to $0.93. However, the market remains volatile so everyone should still be cautious in any possible price movements.
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