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- Whale transactions have sparked hopes of an XRP price rally.
- Despite recent accumulations, XRP’s price shows a bearish trend.
Though the price of XRP has been volatile lately, slightly more than 100 million coins have been recorded to have been accumulated in the last 24 hours, which has traders and investors in a frenzy. Data emerging from the blockchain indicates that whales purchased $52 million worth of XRP tokens from Binance, one of the top exchanges in the world.
These whale transactions have stoked market expectations of a potential price increase for the cryptocurrency that Ripple Labs supports. In the meantime, keep in mind that the token is expected to surpass its $1 wave three price goal during this bull cycle.
Significant Whale Transactions Identified
Data from the on-chain transaction tracker Whale Alert specifically demonstrates that two whales from Binance were responsible for this noteworthy buildup.
Obviously, 50.30 million XRP were moved in the first transaction to the address rfQ9EcLkU6…eN47Rk8Cvi, and an identical amount was transferred in the second transaction to the address rarG6FaeYh…gFsPn2bZKk. Oddly, according to Bithomp’s statistics, both of these wallets were activated on the same day, which raises questions about the motivations behind these transactions.
Meanwhile, with such massive accumulations at work, normal market attitudes express optimism. Notably, the number of coins listed above was amassed while XRP was trading at $0.51.
Furthermore, the increasing XRP accumulations in recent days have been at comparable price levels. For the Ripple-supported token, which has emerged concurrently with $1 price goal optimism, this phenomenon has generated a great deal of market optimism.
Current Price and Market Dynamics of XRP
CoinMarketCap, however, reports that the price of XRP at the time of writing is at $0.5207, having marginally dropped by 0.47% over the previous day. This also shows that, with a 2.88% drop over the last seven days, the market is bearish.
Prior to this, CNF reported on the increase in user revenue and demand on the XRPL in Q1 2024, while the price of XRP has not yet benefited from this.
At the same time, the futures open interest (OI) for the cryptocurrency grew by 2% to $616.16 million, suggesting that investor excitement in the futures market is growing. The derivatives volume did, however, fall by 9%, suggesting less activity in the markets.
