Whale movements are generating significant market speculation about XRP potentially reaching the $2 mark. Ripple’s escrow mechanism, contributing to the rise in the number of XRP whales, is reshaping market dynamics. The Ripple Labs-backed cryptocurrency, XRP, has once again ignited widespread interest across the cryptocurrency sphere. The transfer of nearly 120 million coins by whales in the past 24 hours, as per on-chain data, has prompted discussions on XRP’s future valuation.
Whale Activity and Market Sentiment
The token has lately been a focal point of optimistic discussions regarding its potential to surpass the $2 milestone. The substantial whale activity has garnered global attention amid the prevailing positive sentiment surrounding this Ripple-backed asset.
According to Whale Alert on X, whales have relocated a total of 120.18 million XRP coins over the past day. These transactions encompass both sell-offs and accumulations. Notably, Rzn, a prominent XRP whale, transferred 63.89 million coins across two transactions to the exchanges Bitstamp and Bitso. Conversely, addresses rhWj9gaovw and rfQ9EcLkU6 have collectively amassed 56.29 million XRP from Binance, one of the world’s leading cryptocurrency exchanges.
Market Enthusiasm and Price Predictions
Amid expectations of a potential $2 price target in the coming months, these transactions have evoked diverse market sentiments regarding the asset’s future trajectory.
Simultaneously, XRP has shown positive movement today, aligning with the broader trend in the crypto market. According to CoinMarketCap, XRP is currently trading around $0.4789, marking a 1.43% increase from the previous day. However, it also reflects a bearish trend with a 2.20% decline over the past seven days.
Earlier reports from CNF highlighted the growing number of XRP whales attributed to Ripple’s escrow system, which controls the release of XRP into the market. This mechanism plays a pivotal role in shaping strategies for accumulating XRP among large investors.
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