XRP Whale’s 20 Mln Accumulation Ignites Speculations As Price Nears $0.54

Coingapestaff
February 24, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
XRP Whale Moves 50M Coins Amid Price Fluctuations at $0.52, $1 Attainable?

Highlights

  • An XRP whale accumulates staggering amounts of coins from Binance.
  • The whale's accumulation fueled speculations over bolstered prices as supply takes a hit.
  • XRP price analysis as it hovers below $0.55

In a thrilling turn of events, an XRP whale’s 19.99 million accumulation appears to have piqued the interest of crypto market enthusiasts across the globe. As per insights unveiled by the blockchain tracker Whale Alert, this transfer of XRP, worth $10.69 million, promptly gained traction as XRP’s price neared the $0.54 mark as of press time.

Meanwhile, derivatives data for the Ripple-backed token birthed inferences over increased market activity, whereas no new money entered the market. The XRP price, however, traded in the red while writing, birthing additional inferences among crypto market traders and investors orbiting the whale transaction’s potential impact on XRP’s market dynamics.

Advertisement
Advertisement

XRP Whale Transaction: In-Depth Report

According to the data revealed by Whale Alert, the colossal 19.99 million XRP transfer surfaced today, February 24. This massive transfer showcased the accumulation of XRP from Binance, one of the world’s leading CEXs.

Notably, following this transaction, XRP’s chart gained an upward trajectory, nearing the $0.54 mark as of writing. However, the token still traded in the red, with a marginal drop of 0.06%, per CoinMarketCap’s data.

The notable accumulation of XRP was done by the wallet address rhW…QkK, as per the data by Etherscan. Simultaneously, this reduces the token’s supply within the broader crypto market, birthing sentiments over bolstered prices.

Also Read: Crypto Prices Today: Bitcoin Drops To $50K, PEPE Rebounds As Uniswap Soars 70%

Advertisement
Advertisement

XRP Price Analysis

As of writing, the XRP price showcased a marginal drop of 0.05% over the past 24 hours following a notable trading period in the red. Currently, the price rests at $0.5395, with CoinMarketCap’s charts showcasing an upward trajectory nearing the $0.54 mark for the token.

XRP showcased a flux between $0.55 and $0.53, mirroring a market unsure of the Ripple-backed token’s direction, with neither bears nor bulls taking definitive control.

In the interim, XRP recently witnessed a correction, following the topping of the $0.55 mark, bringing the token to hover between $0.52 and $0.53. The massive whale transaction witnessed today appears to be potentially pushing the token’s gradual upward trajectory in the market, as supply takes a hit with the aforementioned transaction.

Also Read: Uniswap’s 70% Price Rally Helps DeFi Steal Spotlight from AI Tokens

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.