In a thrilling plot twist witnessed recently, XRP, a Ripple-backed token, piqued the interest of crypto market traders and investors globally as it witnessed immensely increased on-chain whale activity over the past 24 hours. Following the token’s recent surpassing of the $0.6 mark this month, these transactions promptly gained notable traction as a majority of these showcased massive accumulations, fueling positive sentiments for future pumps ahead.
Meanwhile, with pro-XRP lawyer Bill Morgan’s proclamation of XRP to reach a new ATH in 2024 hovering over the crypto horizon, these accumulations birthed additional market optimism among crypto market enthusiasts. However, the token traded in the red today, per CoinMarketCap’s data, stirring speculations over a contrasting price action illustrated compared to the whale activity registered.
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XRP Whales’ $49 Mln Move Sparks Curiosity
According to the data revealed by Whale Alert, $48.95 million worth of XRP was shuffled in a series of four transactions in the past 24 hours. Three of these transactions showcased colossal amounts of tokens accumulated from Binance, whereas one showcased a renowned XRP whale dumping tokens to Bitstamp, a Luxembourg City-based CEX.
The accumulations from Binance totaled 55.88 million XRP, worth $33.92 million, whereas the dump to Bitstamp totaled 24.44 million XRP, worth $15.03 million. Intriguingly, the dump to Bitstamp recently emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the mentioned CEX. The accumulations, on the other hand, hinted at a bolstered sense of confidence among whales for the Ripple-backed asset.
With an optimistic wave of XRP hitting its wave three targets shortly ahead prevailing, these accumulations mirror optimism across the broader crypto market. Morgan’s bullish stance on the token, as CoinGape media reported earlier, adds to this wave of optimism.
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The SEC’s decision not to appeal the ruling declaring XRP not a security, while the market awaits theRipple Vs. SEC lawsuit’s resolution further weighed in on XRP’s optimism. However, the token traded in the red as of press time.
Also Read: US CPI Data on Tuesday To Influence Crypto Market Movement This Week
XRP Slips
As of writing, XRP’s price noted a drop of 3.05% over the past 24 hours and is currently trading at $0.6055. With a roughly 15% surge recorded in the past thirty days, the token continued its gradual upward movement, surpassing the $0.6 mark at the beginning of March.
With renowned analysts like Egrag Crypto and Dark Defender retaining their bullishness on XRP’s potential run to $1, the token surfs a wave of bullishness despite today’s fall, accompanied by the aforestated massive whale accumulations.
Also Read: Crypto Phishing Attacks Over $1 Million Drop By 75% In February
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