The post Whale Alert Spots Transfer of 427 Million XRP Tokens as Price To Surge Above $0.65 appeared first on Coinpedia Fintech News
In the past 24 hours, XRP, a cryptocurrency supported by Ripple and consistently ranking among the top 6 global cryptocurrencies by market capitalization, experienced notable activity. Whale Alert, a crypto data tracker, reported a staggering 400 million XRP was unlocked from escrow at Ripple. At the same time, a major XRP holder moved nearly 27 million XRP to a crypto exchange.
400 million XRP Unlock
On February 25, blockchain tracker Whale Alert reported the unlocking of 400 million XRP, equivalent to $217.40 million, from Ripple’s escrow.
400,000,000 #XRP (217,409,122 USD) unlocked from escrow at #Ripplehttps://t.co/nfzy5ulSuA
— Whale Alert (@whale_alert) February 25, 2024
Ripple, the blockchain-based payment protocol, utilizes an escrow mechanism to manage the release of XRP into the market. This strategy is designed to provide transparency and prevent large quantities of XRP from flooding the market at once.
The recent unlocking of 400 million XRP indicates a strategic decision by Ripple to make these tokens available for various purposes, including partnerships, development, or other initiatives. The move also draws attention to Ripple’s ongoing efforts to manage its XRP holdings and ecosystem.
Unknown Transaction Worth 14.9 Million
Simultaneously a prominent XRP whale, identified by the address r4wfPx…5Rzn, initiated a significant transaction by transferring 27.40 million XRP, worth $14.92 million, to the renowned cryptocurrency exchange Bitstamp.
The transaction, which involved the movement of a considerable sum of XRP, has captured the attention of the cryptocurrency community. The identity of the wallet owner remains unknown, leading to speculation and discussion about the motives behind such a significant transfer.
Analyst Bullish Insights
Renowned analyst Ali Martinez highlighted crucial market dynamics for XRP, suggesting the potential for a bullish trend. The TD Sequential indicator issued a buy signal on XRP’s weekly chart, instilling optimism among crypto enthusiasts.
The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW
— Ali (@ali_charts) February 25, 2024
Martinez further highlighted that if XRP maintains a weekly closing price above $0.57, it could push the token to levels around $0.63 or even higher, possibly hitting $0.65.
Additionally, insights from Coinglass showed a 2.49% increase in open interest, signaling the arrival of fresh capital in the market and supporting Martinez’s optimistic forecast.
Following these developments, XRP’s price experienced a -1.21% decline over the past 24 hours, currently trading at $0.5403 as reported by coinpedia news.
