Ripple’s XRP Token Hits $0.70: What Do Whale Transfers Indicate?

  • The surge in whale activity has sparked a wave of speculation in the vast sea of the crypto world as Ripple-backed token heads towards the $0.7 mark.
  • According to insights provided by the blockchain monitoring platform Whale Alert, XRP witnessed six major whale transactions in the last 24 hours, totaling 117.92 million tokens transferred.
  • The sale of a prominent XRP whale to Bitstamp has emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in CEX, indicating efforts to regulate the token’s supply.

Ripple’s XRP token has seen significant gains in recent days, with whale transfers being closely monitored by the community.

XRP Price Surges to $0.70, Garnering Attention Once Again

Ripple-XRP

In an exciting development, amidst a notable month where XRP witnessed nearly a 30% increase, the substantial increase in whale activity seems to attract the interest of global crypto market traders and investors. As the rising whale activity propels the Ripple-backed token towards the $0.7 mark, it has generated a speculation frenzy in the crypto world.

According to insights provided by the blockchain monitoring platform Whale Alert, XRP witnessed six major whale transactions in the last 24 hours, totaling 117.92 million tokens transferred. Five of these transactions showcase massive accumulations from the world’s leading crypto exchange Binance, while one demonstrates significant sales to Bitstamp, a CEX based in Luxembourg City.

Various whale addresses have collectively accumulated 95.2 million XRP from Binance, while a renowned XRP whale transferred 22.6 million XRP to Bitstamp. These massive accumulations have sparked significant interest among crypto market investors worldwide, indicating an increasing confidence in the Ripple-backed digital asset by whales.

Meanwhile, the sale of a prominent XRP whale to Bitstamp has emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in CEX, indicating efforts to regulate the token’s supply. With exceptional monthly and weekly gains in XRP’s price, these accumulations have aligned with market optimism for the Ripple-backed token.

XRP Price Rises

At the time of writing, the XRP price is trading at $0.6913, marking a 0.39% increase in the last 24 hours. With a weekly increase of 18.30% and a monthly increase of 31.29%, the token continues its upward trajectory towards the $0.7 mark, potentially fueling a bullish frenzy towards the $1 mark. As seen above, the increasing on-chain whale activity primarily showcases accumulations, while market experts speculate on future pumps for the token.

However, derivative data uncovered by Coinglass indicated an approaching consolidation phase, with a 1.83% decrease in open interest and a 33.25% decrease in volume. This signifies a significant reduction in funds entering the derivative market, indicating a tendency for investors to close their positions. Despite derivative data showing a slight downward trend, crypto market enthusiasts continue to observe a continued wave of optimism surrounding the potential rally towards $1 for the Ripple-backed token.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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