XRP, a cryptocurrency backed by the American payments services company Ripple Labs, birthed a tidal wave of speculations among crypto market enthusiasts across the globe as it jotted down two massive whale transactions in the past 24 hours. These colossal whale transactions, showcasing the transfer of nearly 272 million tokens, promptly garnered noteworthy attention across the broader crypto market as XRP fueled immense optimism for its potential run to $1 recently.<\/p>\n
The token traded primarily in the green as of press time, however, a slight dip was recorded today, briefly stirring speculations among crypto market traders and investors within the market. Meanwhile, the derivatives data for the Ripple-backed token hinted at an uptrend prevailing as of writing, aligning with the coin\u2019s notable upward movement in recent days.<\/p>\n
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XRP Whale Activity On The Rise<\/h2>\n
According to the data unveiled by the blockchain tracking platform Whale Alert<\/a>, 271.8 million XRP, worth $176.31 million, was shifted in two colossal transactions over the past 24 hours. The first transaction showcased a staggering 250 million coins shifted between unknown wallets. Whereas, the second transaction showcased a renowned XRP whale address, \u2026Rzn, moving 21.80 million XRP to Bitstamp, a Luxembourg City-based CEX.<\/p>\n Intriguingly, aligning with previous and current data revealed by Whale Alert, XRP whale transactions appear to be burgeoning, specifically to Bitstamp and Bitso. These whale transfers, although illustrating high on-chain activity, stirred speculations over a price action shift ahead as charts by CoinMarketCap hinted at brief dips today, coming subsequent to the whale transactions.<\/p>\n Also Read: Louisiana Introduces Bill On Bitcoin Rights Amid BTC Price Rally To $68K<\/a><\/strong><\/p>\n <\/p>\n <\/p>\n As of writing, the XRP price<\/a> noted an uptick of 1.44% over the past 24 hours and is currently trading at $0.6448. With a weekly surge of 15.97%, accompanied by a monthly upswing of 28.17%, the Ripple-backed token continues to mirror optimism orbiting its potential run to $1.<\/p>\n According to the analyst Egrag Crypto, the three-month candle is highly bullish, potentially paving the way for XRP\u2019s run to $1. A time when buying XRP below the $1 mark becomes a dream is imminent, per the analyst\u2019s statement.<\/p>\n #XRP<\/a> 3 Months Candle \u2013 It’s #BULLISH<\/a> AF: \ud83d\udc02\ud83d\udca5<\/p>\n A) The Triangle formation is still intact \ud83d\udd3a ii) This time, if we just take the same measured move \u2014 EGRAG CRYPTO (@egragcrypto) March 5, 2024<\/a><\/p>\n<\/blockquote>\n The derivatives data for XRP also hinted at an uptrend prevailing within the market, aligning with XRP\u2019s pump. Coinglass<\/a>\u2018 data showcased a 97.56% increase in the token\u2019s volume, whereas open interest jumped 2.52%. This further fueled bullishness on XRP\u2019s optimistic target of $1, signaling new money entering the market along with substantial heightened activity. An increase in the token\u2019s OI-weighted funding rate, reaching 0.1259%, added up to the bullishness on XRP, indicating traders\u2019 readiness to invest more in long positions.<\/p>\n <\/p>\n The above-mentioned data collectively curates a bullish climate for XRP\u2019s potential run to $1. Dark Defender, another prominent analyst, also claimed the token would hit $1, falling in line with the bullishness on the Ripple-backed coin, as reported<\/a> by CoinGape Media earlier. This propels immense optimism for XRP, garnering attention to its imminent target of $1.<\/p>\n Analysis<\/a> by CoinGape Media suggests numerous factors further fueling the token\u2019s potential run to $1. This encompasses a strategic collaboration with the Alexar network and technical indicators painting a bullish outlook for XRP, among other factors.<\/p>\nXRP Price Jumps<\/h2>\n
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i) Previous Cycle extended way beyond the
measured move (Blue Line) of the Triangle \ud83d\udcc8<\/p>\n
(Green\u2026 pic.twitter.com\/8BcCqCGDtC<\/a><\/p>\n
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