Wednesday, April 17, 2024

Whale Alert: 61.99 Million XRP on the Move –  Is $0.75 Coming?

Ripple Transfer Whopping 80 Million XRP From Unknown Wallet This Month

XRP bounced back to $0.61, revisiting levels seen prior to Ripple’s announcement last month of a $285 million buyback plan, valuing the company at $11 billion. 

However, the recent surge in its value coincided with Whale Alert’s disclosure of two substantial whale transactions, involving a total of 61.99 million XRP valued at $36.32 million. 

The consistent activity of whales entering the market has had a notable impact on XRP’s price. As XRP continues to experience this upward momentum, there is growing speculation that it could soon reach the levels of $0.70 and $0.75.

61.99 Million XRP Transaction 

In a recent tweet post a prominent, blockchain tracker platform Whale Alert brought attention to two substantial whale transactions involving XRP. These transactions collectively witnessed the transfer of a staggering 61.99 million XRP, equivalent to $36.32 million at the current market value.

Outflow from Binance

The first transaction involved the movement of 21,999,545 XRP, valued at $12,851,609, from the cryptocurrency exchange Binance to an unknown wallet. The significant outflow raised eyebrows within the crypto community, prompting speculation about the motive behind this sizable transfer.

Inflow to Binance

Simultaneously, a massive 40,000,000 XRP, amounting to $23,478,152, flowed into Binance from an unknown wallet. This substantial inflow marked a noteworthy event, indicating significant activity involving XRP and drawing attention to the shifting dynamics in the cryptocurrency market.

However, XRP’s price action painted a bullish climate for the altcoin in the market, also aligning with the token’s derivatives data which shows a 7.51% rise in the token’s open interest, whereas volume surged 59.85%, signaling a clear uptrend.

XRP Heading to $0.75

Following XRP’s recent breakthrough beyond the $0.61 mark on Feb 29, bullish sentiments are gaining momentum. Investors are now eyeing a more ambitious goal of retesting $0.70 – $0.75 in the next rally.

Adding weight to this positive outlook is the Parabolic Stop and Reverse (SAR), a technical indicator designed to identify potential reversal points. Typically, when an asset trades below the SAR indicator, it suggests a bullish trend in the market.

Currently priced at $0.59, XRP remains notably below the Parabolic SAR dots, indicating a direction toward $0.63. However, a decisive breakthrough above this short-term resistance could trigger a substantial price surge. If traders seize on these signals to buy more, XRP is poised to make the predicted climb towards $0.70. To $0.75 target soon. 

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Photo of Mustafa Mulla

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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