Ripple Update: XRP Price Targets $0.75 as 61.99 Million Tokens are Transferred

XRP has witnessed a significant rebound, surging back to $0.61, which is the level it was at before Ripple’s buyback plan announcement. This surge in price may have been driven by two massive whale transactions involving XRP. Whale Alert, a well-known blockchain tracker platform, reported these transactions, which collectively transferred a staggering 61.99 million XRP, equivalent to $36.32 million.

The first transaction involved the movement of 21,999,545 XRP worth $12,851,609 from Binance to an unknown wallet. This raised questions within the crypto community about the motivations behind such a substantial transfer. Simultaneously, a significant inflow of 40,000,000 XRP, equivalent to $23,478,152, flowed into Binance from an unidentified wallet. This influx highlighted the dynamic shifts happening in the cryptocurrency market.

Despite the buzz created by these whale transactions, the price action of XRP suggests a bullish outlook for the altcoin market. The token’s derivatives data also supports this sentiment, showing a 7.51% rise in open interest and a 59.85% surge in volume, indicating an uptrend.

After breaking through the $0.61 mark on February 29, investors are now setting their sights on a more ambitious goal of retesting the $0.70 to $0.75 range in the upcoming rally. The Parabolic Stop and Reverse (SAR) indicator further bolsters this positive outlook, as XRP remains positioned below the SAR dots, suggesting a trajectory towards $0.63.

If XRP manages to break through this short-term resistance, it could trigger a substantial price surge, propelling it towards the targeted $0.70 to $0.75 range. Traders are eagerly anticipating this ascent, as it aligns with the promising signals in the market.

According to a top analyst, XRP is poised for a mega surge to $0.91 by March, adding even more excitement to the future of the cryptocurrency.