• Whale Alert detected a transfer of 60 million XRP to Binance, sparking speculation of a possible market dump.
• Corporate ownership of XRP has risen, now making up over 20% of the total supply, signaling strong institutional interest.

A large transaction recently piqued the interest of many in the cryptocurrency industry, despite XRP’s decreasing price. Whale Alert, a well-known tracker of whale transactions, detected that 60 million XRP tokens worth $34,196,265 were transferred from an unknown wallet to Binance, the largest cryptocurrency exchange.

Whale Moves Spark Speculation and Skepticism Amid Ongoing XRP Decline 

This significant transfer has aroused mistrust and conjecture among X users, with many predicting a massive sell-off that might drive the Ripple token price further lower. However, some suspect the wallet belongs to another exchange.

At the time of writing, the price of XRP is about $0.574, down 0.65% over the last 24 hours and 4.77% over the last week. The token’s market cap has also dropped, currently sitting around $32.24 billion. Despite the massive transfer, the sender’s wallet still keeps 204.27 million XRP, worth around $117.23 million.

Although the movement of such a significant number of XRP may appear worrying, it is crucial to consider the larger context. CNF previously revealed that corporate ownership of XRP has increased to be more than 20% of the entire supply.

This places XRP fourth among corporate cryptocurrency holdings, trailing only Solana, Ethereum, and Bitcoin. This increased corporate interest indicates that, despite recent bearish tendencies, there may still be belief in its long-term potential.

Furthermore, while the present market action appears bearish, some prominent analysts see signals of a possible bullish rally for XRP.

As we previously highlighted, analyst Jaydee noted that a narrower Bollinger Bands (BB) indicator frequently forecasts big price increases, with gains ranging from 10x to 650x within a year. Jaydee believes that this pattern may be forming again, signaling that a significant price increase is on the horizon.

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