Among the interesting events witnessed recently, XRP, the Ripple Institute-backed cryptocurrency, noted that 73.81 million coins have been accumulated from centralized exchanges, leading to an increase in the number of coins across the broader crypto market. It sparked a tsunami of speculation and gained a lot of attention across the global cryptocurrency space. These trades, which represent an accumulation worth $45.87 million, are attracting cryptocurrency market traders and investors around the world as XRP appears to be riding a wave of optimism that could potentially reach $1. piqued my interest.
Meanwhile, the Ripple-backed token is trading in the red at the time of writing, giving rise to speculation about the coin's contrasting price movement compared to its accumulated one. However, derivatives data shows bullish sentiment among investors, consistent with the huge accumulations witnessed, as mentioned above.
XRP accumulation reflects optimism
According to data revealed by blockchain tracker Whale Alert, the aforementioned amount was accumulated in four notable whale transactions. Moreover, all these transactions used his XRP accumulated from Binance, the world's leading cryptocurrency exchange.
In line with this, the first XRP whale transaction recorded 18.4 million coins worth $11.52 million accumulated from Binance by an unknown wallet rfQ9EcLkU6…eN47Rk8Cvi. Meanwhile, the second transaction saw the address rarG6FaeYh…gFsPn2bZKk accumulate his 18.52 million XRP worth $11.39 million from the same CEX.
Similarly, the third and fourth transactions also show XRP accumulated by Binance. Wallet address rhWj9gaovw…GRbuXFLQkK withdrew 18.46 million XRP (worth $11.45 million), while wallet address rarG6FaeYh…gFsPn2bZKk again accumulated 18.43 million XRP (worth $11.51 million).
These trades rode a bullish wave of market sentiment, sparked immense curiosity among crypto market traders and investors around the world, and demonstrated confidence in the whale's assets. However, today's XRP price trend appears to be in contrast to this sentiment.
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XRP price drop
At the time of writing, XRP price has fallen 0.46% in the past 24 hours and is currently trading at $0.6241. Notably, in contrast to today's decline, pro-XRP lawyer Bill Morgan also took a bullish stance on the Ripple-backed token, declaring that it will reach a new ATH in 2024. Meanwhile, amidst the ripple effects of the crypto bull market, altcoins appear to be benefiting alongside Bitcoin.
At the same time, token derivatives data suggests that a large amount of new capital will flow into the market as market activity increases. Coinglass revealed that open interest is up 2.23% and volume is up 8.04% at the time of writing. Furthermore, the bullish stance was further strengthened by the increase in the OI-weighted procurement rate of the token, increasing positivity about the future price trend of XRP.
As previously reported by CoinGape Media, there appears to be a lot of optimism circulating in the market surrounding the potential of the token to reach $1. Prominent analysts like Egrag Crypto and Dark Defender recently maintained their bullish stance on the possibility of XRP reaching $1. With the aforementioned whale accumulations weighing on even more, cryptocurrency market enthusiasts are expecting the price to rise further in the coming days, in line with the market sentiment towards XRP.
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