On the 2nd of July, a significant movement of whales on the Ripple platform captured the attention of the entire market, prompting a surge in prices. Data disclosed by Whale Alert indicates that around 3 billion XRP were transacted in the past 24 hours, a development not overlooked by keen investors. This substantial activity involving 3 billion XRP, attributed to both XRP’s escrow releases and whale transactions, has sparked heightened speculation regarding future price trends within the market.
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Destination of 3 Billion XRP
Potential Increase in XRP Price
Destination of 3 Billion XRP
As per insights shared by the market monitoring tool, Whale Alert, a total of 2.93 billion XRP changed hands in the previous day. This movement primarily stemmed from the release of XRP from escrow accounts and activities of large-scale holders. Stay connected to NEWSLINKER for the latest tech updates.
The data points to 1 billion XRP, valued at $481 million, being released from Ripple’s escrow accounts. Subsequently, it was observed that 800 million XRP, with a value of $382 million, were re-secured in escrow by Ripple. Additionally, transactions conducted by major holders drew significant attention.
During this time frame, a notable transfer of 1.1 billion XRP was made to Ripple, exceeding the quantity of XRP released from escrow. Consequently, a prominent XRP whale, known as Rzn, forwarded 30.76 million XRP, valued at $14.64 million, to exchanges, capitalizing on the price surge.
Potential Increase in XRP Price
At present, the XRP price stands at $0.4816, following a 0.5% upsurge today. The lowest observed price in the last 24 hours was $0.4759, while the peak reached $0.4877.
Renowned analyst Captain Faibik, recognized for his insights on XRP, reiterated his views on X recently. In his analysis, he proposed a potential 25% price movement for XRP in the near term.
The analyst highlighted that the token remains above a descending wedge formation, with the RSI showing an upward trajectory. Furthermore, he noted that the MACD indicator supports this positive outlook.
Conversely, data presented by Coinglass emphasized a rise in Open Interest and derivative volume connected to XRP futures, indicating an optimistic sentiment toward XRP. The latest figures show a 1.19% increase in Open Interest to $615.98 million, with volume surging by 25.23% to $739.54 million.
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Disclaimer:
The contents of this article do not constitute financial advice. Investors should be mindful of the high volatility and risks associated with cryptocurrencies and are advised to conduct their own research before making investment decisions.
