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XRP Price Ready for $2? Speculation fuels whales transferring 120 million coins
The Ripple Labs-backed cryptocurrency, XRP, has once again captured attention across the broader crypto market. Network data suggests that whales shuffled nearly 120 million coins in the last 24 hours, sparking speculation about future XRP price movements.
Notably, a recent bullish buzz surrounding the token is its potential to scale $2 ahead. The massive whale activity, emerging amid this highly bullish buzz regarding the Ripple-backed coin, has caught global attention.
120 million coins shuffled: what’s the scoop?
According to data provided by Whale Alert on X, a total of 120.18 million XRP was transferred by whales in the last day. These transactions included both accumulations and hand dumps.
Notably, renowned XRP whale …Rzn collectively transferred 63.89 million coins to CEXs Bitstamp and Bitso via two transactions. Meanwhile, two addresses, rhWj9gaovw and rfQ9EcLkU6, collectively accumulated 56.29 million XRP from Binanceone of the world’s leading cryptocurrency exchanges.
These transactions have triggered a range of market sentiment for the asset, particularly amid anticipation of a potential $2 price target in the coming months. A recent report from CoinGape Media highlighted that market enthusiasts have joined the chorus of praise for a XRP Bull Run to $2 ahead, adding to the excitement.
At the same time, XRP traded in the green territory today, aligning with the broader movement in the cryptocurrency market.
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XRP Price Springs
At the time of writing this article, XRP Price saw gains of 1.86% in the last day, trading at US$0.4758. Its 24-hour lows and highs were $0.4657 and $0.477, respectively.
Data from Coinglass showed a 2.04% increase in XRP Futures OI to $594.38 million, in line with its price rally. However, derivatives volume fell by 7.60%, generating contrasting sentiments among market participants.
Additionally, the RSI has advanced above 40, suggesting broader neutrality with mild bearish pressure.
However, broader industry sentiments remain positive regarding the token’s long-term outlook. In this regard, a recent post by Bitrue ambassador Brett Hill on X stated that the ‘XRP price in the coming months will surpass $2,’ further solidifying the optimism surrounding the token.
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