66 Million XRP Coins Shifted by Whales as Price Aims for $1
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XRP saw notable traction with Whale Alert drawing attention to four significant transactions amidst a price surge.
Today, March 7, the Ripple-supported cryptocurrency XRP has sparked a surge of speculative chatter in the cryptocurrency community, fueled by significant whale activity observed over the last 24 hours.
According to insights from the blockchain tracker Whale Alert, four notable transactions involving approximately 66.06 million XRP have captured the attention of crypto market participants. This activity has reignited interest among traders and investors as the coin shows signs of upward momentum, as reported by CoinMarketCap.
Amidst widespread optimism surrounding the potential ascent of the Ripple-supported token to $1 within the broader crypto market, these transactions have sparked further speculation among crypto enthusiasts. Additionally, derivatives data has hinted at a prevailing bearish sentiment. Nevertheless, the coin remained in positive territory at the time of writing, contributing to the speculative excitement.
A Comprehensive Analysis of XRP Whale Transactions
As per the data disclosed by the aforementioned blockchain tracker, two significant whale transactions were highlighted. They involved the accumulation of XRP from Binance, the world’s leading cryptocurrency exchange.
Additionally, a prominent XRP whale transferred coins to CEXs Bitstamp and Bitso through two separate transactions.The accumulated XRP from Binance amounted to 37.06 million coins. The wallet addresses …gFsPn2bZKk and …GRbuXFLQkK received 18.72 million and 18.34 million XRP coins, respectively.
Conversely, the wallet address …5XgwHh4Rzn transferred 17.20 million and 21.80 million coins to Bitso and Bitstamp, respectively. These transactions elicited mixed sentiments within the market. While the accumulations indicated whales’ confidence in the asset, the notable XRP whale’s sell-off presented a contrasting sentiment.
As the Ripple-backed token resumes its upward trajectory today, crypto market enthusiasts are speculating about the altcoin’s potential journey to the highly optimistic $1 threshold.
The Price of XRP Surges
At the time of writing, XRP has seen a rise of 4.25% in the last 24 hours, reaching $0.6250 in current trading. Interestingly, despite today’s upward movement, derivatives data from Coinglass reveals a bearish sentiment prevailing in the market.
XRP’s open interest has declined by 2.62%, while volume has dropped by 47.81%, indicating a trend of short sellers covering their positions.
Nevertheless, according to TradingView’s data, there is a buying sentiment among investors, coupled with significant accumulation by whales, fueling optimism about the altcoin’s potential climb to $1.
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