Whale Transfers 40 Mln XRP From Binance To Unknown Wallet Amidst On-Chain Activity Boost

In a significant blockchain transaction, 40,393,173 XRP tokens, valued at approximately $20.4 million, have been transferred from Binance to an unknown wallet, as reported by Whale Alert. This large transfer comes at a time when its on-chain activity is increasing, highlighting the cryptocurrency’s potential bullish prospects.

XRP Opens Sept With On-Chain Activity Spike

Despite continued legal problems on the ongoing SEC lawsuit, XRP’s on-chain metrics have been improving. Data from the crypto analysis platform Santiment recently revealed notable milestones that could have a beneficial impact on the token’s worth. On-chain volume for XRP reached a seven-month high on September 2nd, totaling an astounding 4.8 billion.

The circulation of XRP increased to 2.03 billion at the same time, reaching a three-month high and signaling more activity and involvement within the token’s ecosystem. The data from Santiment also reveals a considerable rise in development activity within the XRP community.

These metrics demonstrate active network activity for XRP, indicating the rising adoption and involvement in the crypto ecosystem. The token’s community is eagerly eyeing a crucial milestone, the token’s ascent to the $1 mark. Currently trading at $0.5053, XRP price has demonstrated resilience with only a marginal 0.59% decrease in the last 24 hours.

Adding to the positive momentum, Coinglass data indicates that XRP’s Open Interest witnessed an $8 million increase in the early days of September. Open Interest, a bullish sign that shows that price speculators are adding new money to the XRP Futures markets, measures the value of active derivative contracts for an asset.

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Can XRP Become A Global Reserve Currency?

Amidst the backdrop of the positive data, Ripple’s Chief Technical Officer Schwartz hinted at the idea of XRP being a global reserve currency during a recent X space event and said that the U.S. dollar is in trouble around the world.

Additionally, pro-XRP tweeter Crypto Eri said in a tweet that she doesn’t depend on the “efforts of Ripple” to raise the price of XRP. She asserted that the cryptocurrency corporation hasn’t done anything to expand the token given that it only has a “single-digit impact on volume.”

However, it is important to note that the token’s price rose significantly as a result of Judge Analisa Torres’ decision in Ripple’s favor. Within hours following the verdict, the token increased by almost 23% and reached a high of $0.9 as a result of the decision.

With heightened on-chain activity, a surge in development, Ripple’s recent victory against SEC, and increased Open Interest, XRP’s prospects for reaching the pivotal $1 mark appear promising. These optimistic indications suggest that the token is well-positioned for potential increases despite regulatory challenges, fostering hope among its devoted group of supporters.

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