XRP Price Readying For $2? Whales Fuel Speculations Shifting 120M Coins

 XRP Price Readying For $2? Whales Fuel Speculations Shifting 120M Coins

The Ripple Labs-backed cryptocurrency, XRP, has again turned heads across the broader crypto market. On-chain data suggests whales have shuffled nearly 120 million coins in the past 24 hours, stirring speculations over the XRP’s future price movements.

Notably, a recent optimistic buzz surrounding the token is its potential to scale $2 ahead. The massive whale activity, emerging amid this highly optimistic buzz for the Ripple-backed coin, has captured global attention.

120M Coins Shuffled: What’s The Scoop?

According to data offered by Whale Alert on X, a total of 120.18 million XRP was shifted by whales over the past day. These transactions encompassed accumulations and dumps in hand.

Notably, the renowned XRP whale …Rzn collectively shifted 63.89 million coins to the CEXs Bitstamp and Bitso via two transactions. Meanwhile, two addresses, rhWj9gaovw and rfQ9EcLkU6, collectively accumulated 56.29 million XRP from Binance, one of the world’s leading cryptocurrency exchanges.

These transactions have sparked a range of market sentiments for the asset, particularly amid the anticipation of a potential $2 price target in the coming months. A recent report by CoinGape Media pointed out that market enthusiasts have joined the chorus of praise for an XRP bull run to $2 ahead, adding to the excitement.

Simultaneously, XRP traded in the green territory today, aligning with the broader crypto market movement.

Also Read: BlackRock Bitcoin ETF IBIT Sees Zero Inflows for Fifth Day But Here’s the Twist

XRP Price Springs

As of writing, XRP price noted gains worth 1.86% over the past day to trade at $0.4758. Its 24-hour lows and tops were $0.4657 and $0.477, respectively.

Coinglass data showed a 2.04% surge in XRP’s Futures OI to $594.38 million, aligning with its price upswing. However, the derivatives volume tanked by 7.60%, sparking contrasting sentiments among market participants.

Besides, the RSI moved along 40, hinting at broader neutrality with slight downside pressure.

Nonetheless, broader industry sentiments remain positive regarding long-term prospects for the token. Concerning this, a recent post by Bitrue ambassador Brett Hill on X claimed that the ‘XRP price in the next few months will surpass $2,’ further solidifying optimism around the token.

Brett Hill on XRPBrett Hill on XRP

Also Read: Robert Kiyosaki Labels Bitcoin ETF ‘Fake’, Here’s Why

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Related post

Receive the latest news

Subscribe To Our Crypto Newsletter

Stay informed with our curated information and offers just for subscribers.