Whale Alert Detects Movement of 427 Million XRP Tokens as Price Gains Momentum Above $0.65
XRP, a popular cryptocurrency supported by Ripple and consistently ranked among the top 6 global cryptocurrencies by market capitalization, saw significant activity in the past 24 hours. Whale Alert, a crypto data tracker, reported that a massive 400 million XRP was released from escrow at Ripple. At the same time, a major XRP holder transferred nearly 27 million XRP to a crypto exchange.
On February 25, Whale Alert reported the unlocking of 400 million XRP, valued at $217.40 million, from Ripple’s escrow. Ripple uses an escrow mechanism to manage the release of XRP into the market, ensuring transparency and preventing large quantities of XRP from flooding the market at once. The recent unlocking of 400 million XRP indicates Ripple’s strategic decision to make these tokens available for various purposes, such as partnerships, development, or other initiatives. This move highlights Ripple’s ongoing efforts to manage its XRP holdings and ecosystem.
Simultaneously, a prominent XRP whale transferred 27.40 million XRP, worth $14.92 million, to the renowned cryptocurrency exchange Bitstamp. This significant transaction has sparked speculation and discussion within the cryptocurrency community due to the unknown identity of the wallet owner and the motives behind such a substantial transfer.
Renowned analyst Ali Martinez provided bullish insights for XRP, pointing out key market dynamics. The TD Sequential indicator issued a buy signal on XRP’s weekly chart, creating optimism among crypto enthusiasts. Martinez further emphasized that if XRP maintains a weekly closing price above $0.57, it could potentially reach levels around $0.63 or even higher, possibly hitting $0.65.
Coinglass also provided insights, showing a 2.49% increase in open interest. This indicates the arrival of fresh capital in the market and supports Martinez’s optimistic forecast.
Following these developments, XRP’s price experienced a decline of -1.21% in the past 24 hours and is currently trading at $0.5403, according to coinpedia news.