In a significant rebound, XRP surged back to $0.61, revisiting levels seen before Ripple’s $285 million buyback plan announcement, setting the company’s value at $11 billion.
The recent resurgence, marking a return to the $0.61 level, took an intriguing turn as Whale Alert, a renowned blockchain tracker platform, brought attention to two colossal whale transactions involving XRP.
Here’s everything you need to know about these mystery movements and what to infer from them.
In a recent tweet post a prominent, blockchain tracker platform Whale Alert brought attention to two substantial whale transactions involving XRP. These transactions collectively witnessed the transfer of a staggering 61.99 million XRP, equivalent to $36.32 million at the current market value.
The first transaction, a movement of 21,999,545 XRP worth $12,851,609, originated from the cryptocurrency exchange Binance and found its way to an unknown wallet. This sizable outflow raised questions within the crypto community, sparking speculation about the motivations behind such a substantial transfer.
Simultaneously, a staggering 40,000,000 XRP, equivalent to $23,478,152, flowed into Binance from an unidentified wallet. This significant inflow turned heads, underscoring a considerable surge in XRP activity and drawing attention to the dynamic shifts in the cryptocurrency market.
Despite the whale transactions causing a stir, XRP’s price action paints a bullish picture for the altcoin market. This aligns seamlessly with the token’s derivatives data, revealing a 7.51% rise in open interest and a 59.85% surge in volume—a clear indicator of an uptrend.
Charting New Heights
Following XRP’s recent breakthrough beyond the $0.61 mark on February 29, bullish sentiments are gaining momentum. Investors now set their sights on a more ambitious goal—retesting the $0.70 to $0.75 range in the upcoming rally.
Bolstering this positive outlook is the Parabolic Stop and Reverse (SAR), a technical indicator designed to pinpoint potential reversal points. Currently priced at $0.59, XRP remains positioned below the Parabolic SAR dots, suggesting a trajectory toward $0.63.
A decisive breakthrough above this short-term resistance could trigger a substantial price surge, propelling XRP toward the targeted $0.70 to $0.75 range—an ascent eagerly anticipated by traders attuned to these promising signals.
Also Read: XRP Poised for Mega Surge to $0.91 by March, Predicts Top Analyst
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