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- Whale activities have sparked various market sentiments and anticipation of XRP reaching $2.
- The growing number of XRP whales due to Ripple’s escrow system is influencing market dynamics.
The Ripple Labs-backed cryptocurrency XRP has once again sparked interest in the broader cryptocurrency market. Whales are said to have shuffled almost 120 million coins in the last 24 hours, according to on-chain data, which has many talking about how XRP will value in the future.
Whale Activity and Market Sentiment
Especially, the token has been the subject of recent hopeful talk about its ability to scale $2 ahead. Huge whale activity has drawn attention from all across the world as it has emerged amid this very positive buzz about the Ripple-backed coin.
Whale Alert on X reports that throughout the last day, whales moved a total of 120.18 million XRP coins. These were dumps as much as accumulations.
Famous XRP whale…Over two transactions, Rzn moved 63.89 million coins to the CEXs Bitstamp and Bitso. Two addresses, rhWj9gaovw and rfQ9EcLkU6, on the other hand, have amassed 56.29 million XRP from Binance, one of the top cryptocurrency exchanges in the world.
Market Enthusiasm and Price Predictions
With the market expecting a possible $2 price objective in the next few months, these purchases have generated a variety of market moods for the asset.
Concurrently, XRP moved in the green today, in line with the general trend of the crypto market. CoinMarketCap data shows that the price of XRP is about $0.4789 at the time of writing, up 1.43% from the previous day. It does, however, show a bearish posture, with a 2.20% fall throughout the last seven days.
Earlier, CNF reported on the increasing number of XRP whales brought on by Ripple’s supply-limiting escrow system. By guaranteeing a regulated XRP release into the market, this system affects whale-accumulating tactics.
