April 18, 2024

A significant XRP transfer has caught the attention of crypto enthusiasts. A crypto analytics platform, Whale Alert, identified a massive movement of 300 million XRP from Binance. Despite the substantial transfer that could have caused panic sales, the digital asset market remains positive.

The question now is, what was the transfer for, and how will it affect the XRP price? 

Unknown XRP Transaction Coincides with Sustained Uptick in Price

The total value of the transferred 300 million XRP tokens is reported to be $167,708,662, at an average price of $0.5590. Whale Alert data initially indicated that the transaction originated on Binance and was sent to an undisclosed wallet.

Upon closer inspection, the receiving wallet is revealed to have strong ties to the leading trading platform. Bithomp Explorer data showed that Binance activated the recipient’s wallet in December 2023 with an initial deposit of 70 XRP.

Preceding this substantial 300 million ripple transfer, the recipient wallet had actively participated in earlier transactions. Historical records show it received 200 million XRP on February 13 and sent out 100 million just two days later.

XRP Records Uptick Amid Speculations on Massive Token Transfers

While large transactions in the crypto market often trigger mixed reactions, the current bullish market sentiment remains unchanged. The positive trajectory in Bitcoin’s price seemingly contributes to an optimistic market outlook.

In line with the broader market, XRP is recording a notable uptick, surging by 5.5% to reach $0.5888, as seen in the chart above. The chart also shows that the ripple price is above the 50-day and 200-day SMAs, indicating a bullish trend in the short and long term. 

The dark green histogram bars formed today and the MACD line above the signal line also support the positivity in the ripple market. Besides the indicators, XRP’s market capitalization has also risen to over $32.2 billion, reflecting a positive trend. 

Furthermore, the trading volume increased significantly, jumping by 62.98% within 24 hours and reaching $2,432,218,131. The crypto community now wonders if Ripple will continue on this positive price trend or reverse. 

Analyst Envisions Positive Trajectory for XRP 

Today, February 28, a prominent analyst in the cryptocurrency market, Dark Defender, highlighted the progress of Ripple. The analyst, known for insights on the social media platform X, indicated that XRP is approaching its third-wave targets. 

As the analyst’s post mentioned, these specific targets are $0.6462, $0.7707, and $0.9191.

This announcement generated considerable interest among crypto enthusiasts worldwide, leading to increased optimism among traders and investors. 

CoinMarketCap’s data confirms notable gains in XRP’s price today, coinciding with the influx of new funds into the market, as indicated by other derived data. 

The positive sentiment aligns with the analyst’s observations.


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