In a significant rebound, XRP surged back to $0.61, revisiting levels seen before Ripple’s $285 million buyback plan announcement, setting the company’s value at $11 billion.
The recent resurgence, marking a return to the $0.61 level, took an intriguing turn as Whale Alert, a renowned blockchain tracker platform, brought attention to two colossal whale transactions involving XRP.
Here’s everything you need to know about these mystery movements and what to infer from them.
Breaking Down the Transactions
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, a movement of 21,999,545 XRP worth $12,851,609, originated from the cryptocurrency exchange Binance and found its way to an unknown wallet. This sizable outflow raised questions within the crypto community, sparking speculation about the motivations behind such a substantial transfer.
Read More: Ripple’s New Partnerships Fuel XRPL Expansion; Monica Long Discusses
Inflow to Binance
Simultaneously, a staggering 40,000,000 XRP, equivalent to $23,478,152, flowed into Binance from an unidentified wallet. This significant inflow turned heads, underscoring a considerable surge in XRP activity and drawing attention to the dynamic shifts in the cryptocurrency market.
Despite the whale transactions causing a stir, XRP’s price action paints a bullish picture for the altcoin market. This aligns seamlessly with the token’s derivatives data, revealing a 7.51% rise in open interest and a 59.85% surge in volume—a clear indicator of an uptrend.
Charting New Heights
Following XRP’s recent breakthrough beyond the $0.61 mark on February 29, bullish sentiments are gaining momentum. Investors now set their sights on a more ambitious goal—retesting the $0.70 to $0.75 range in the upcoming rally.
Bullish SAR Signals
Bolstering this positive outlook is the Parabolic Stop and Reverse (SAR), a technical indicator designed to pinpoint potential reversal points. Currently priced at $0.59, XRP remains positioned below the Parabolic SAR dots, suggesting a trajectory toward $0.63.
A decisive breakthrough above this short-term resistance could trigger a substantial price surge, propelling XRP toward the targeted $0.70 to $0.75 range—an ascent eagerly anticipated by traders attuned to these promising signals.
Also Read: XRP Poised for Mega Surge to $0.91 by March, Predicts Top Analyst
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