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XRP Whales Hoard 100 Million Binance Coins, Price Rally Coming?
In a fascinating turn of events, despite recent XRP price volatility, it has been noted that a little over 100 million coins have been accumulated in the last 24 hours, causing a stir among crypto market traders and investors. On-chain data emerging from the crypto market shows $52 million worth of XRP coins purchased by whales on one of the world’s leading exchanges, Binance.
These whale transactions have fueled market sentiments of a potential price rally for the Ripple Labs-backed cryptocurrency. Meanwhile, it is worth remembering that the token is long expected to surpass its wave three price target
of $1 amid this bull cycle.
Whale Transactions Spark Bullish Hope
Specifically, data from on-chain transaction tracker Whale Alert reveals that two Binance whales were responsible for this significant accumulation. The first transaction involved the movement of 50.30 million XRP to the address rfQ9EcLkU6…eN47Rk8Cvi, while the second transaction saw the transfer of the same amount to the address rarG6FaeYh…gFsPn2bZKk. Interestingly, both wallets were activated on the same date, according to Bithomp data, adding a layer of intrigue to the reasons behind these transactions.
Meanwhile, the usual market sentiments express optimism with such colossal accumulations coming into play. It is important to note that the number of coins mentioned above were accumulated while XRP was trading at the $0.51 price level.
Recent reports from CoinGape Media further pointed out that XRP Accumulations have been rising in recent days close to similar price levels. This phenomenon, emerging in conjunction with a prevailing $1 price target optimism in the market, has generated considerable market optimism for the Ripple-backed token.
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Will XRP Price Rise?
At the time of writing, XRP traded at US$0.5187, portraying a stable trading session today. The token’s 24-hour lows and highs were $0.5127 and $0.5241, respectively.
Simultaneously, the cryptocurrency’s future OI jumped 2% to $616.16 million, suggesting greater investor enthusiasm in the futures market. However, derivatives volumes fell by 9%, indicating reduced market activity.
This data further aligns with the tight XRP trading session witnessed today. However, the RSI suggested slight downward pressure with broader neutrality, hovering near 46.
Collectively, the data has enveloped the token in a cloud of speculation, although huge accumulations glimpse hope for XRP’s future across the crypto horizon.
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