In a whirlwind of market activity, XRP, the token backed by Ripple, has made a remarkable comeback despite facing significant sell-offs by whales in the past 24 hours. This resurgence in the cryptocurrency world has sparked discussions about XRP’s strength and the possibility of it hitting the coveted $1 mark soon.
Here’s the reality of it all.
Whale Alert, a vigilant blockchain tracking platform, has flagged three massive sell-off transactions in recent days, shedding light on significant shifts in XRP token movement. These transactions, totaling a staggering 82.67 million XRP, have caught the attention of investors and analysts alike.
The first transaction involved a hefty transfer of 25,400,000 XRP, valued at approximately $15,251,433, from an undisclosed wallet to Bitso, a major player in the cryptocurrency exchange world.
Similarly, another substantial sum of 24,400,000 XRP, worth around $14,637,203, made its way from undisclosed sources to Bitstamp. Interestingly, both transfers came from the same mysterious address, identified only as r4wf…Rzn.”
Read More: Here’s How XRP Price will be Impacted from Ripple’s Stablecoin Launch
Adding to the intrigue, a massive haul of 32,877,443 XRP, amounting to roughly $19,253,957, moved from yet another mysterious wallet, making a grand entrance into Bithumb, another heavyweight in the cryptocurrency exchange scene.
While the exact reasons behind these significant sell-off transactions remain unclear, their occurrence has not gone unnoticed within the cryptocurrency community. Analysts and investors are now closely watching the impact of these maneuvers on XRP’s pricing and overall market sentiment in the days ahead.
Presently, XRP price has recorded a commendable 3.86% surge within the last 24 hours, reaching $0.5848. The optimistic prediction of Tylie Eric boldly forecasts a swift ascent to $1, while the more conservative estimate from renowned researcher Changelly sets the price surge for XRP at a modest $0.75 by April. Long-term forecasts vary widely, with some envisioning lofty targets as high as $27.
In the meantime, data from Coinglass has shown an 8.3% increase in open interest and a staggering 90.1% surge in derivatives volume. These statistics indicate heightened trading activity and a significant influx of capital into the market, further igniting speculation and anticipation in the cryptocurrency sphere.
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