Hopes of an XRP price rally have been sparked by recent whale transactions. Despite a bearish trend in the price of XRP, over 100 million coins have been accumulated in the last 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 top exchanges in the world.
These whale transactions have raised market expectations of a potential price increase for the cryptocurrency supported by Ripple Labs. It is worth noting that the token is expected to surpass its $1 price goal during this bull cycle.
Notably, data from the on-chain transaction tracker Whale Alert shows that two whales from Binance were responsible for this significant accumulation. The first transaction moved 50.30 million XRP to the address rfQ9EcLkU6…eN47Rk8Cvi, and an identical amount was transferred in the second transaction to the address rarG6FaeYh…gFsPn2bZKk. Interestingly, both of these wallets were activated on the same day, raising questions about the motivations behind these transactions.
With such large accumulations taking place, market sentiment is generally optimistic. It is important to note that the coins mentioned above were accumulated while XRP was trading at $0.51. This, along with the increasing XRP accumulations at similar price levels, has generated a great deal of market optimism, especially with the $1 price goal in mind.
However, the current price of XRP, according to CoinMarketCap, is $0.5207, with a slight drop of 0.47% over the previous day. The market is currently bearish, with a 2.88% drop over the last seven days.
In Q1 2024, CNF reported an increase in user revenue and demand on the XRPL, but the price of XRP has not yet benefited from this.
On the futures market, the open interest (OI) for XRP has grown by 2% to $616.16 million, indicating growing investor excitement. However, the derivatives volume has fallen by 9%, suggesting less activity in the markets.
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