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XRP, the Ripple-backed token, has staged an impressive recovery despite facing significant selloffs by whales in the past 24 hours. As the cryptocurrency market witnesses a surge in optimism, XRP’s resilience amid whale activity has sparked speculation about its potential to reach $1 soon.
XRP Sell-off Totalling 82.6Mln
Whale Alert, a blockchain tracker platform, has flagged three substantial sell-off transactions in the past few days, revealing significant movement of XRP tokens in the market. These transactions collectively involved 82.67 million XRP, prompting discussions among investors and analysts.
The first transaction involved the transfer of 25,400,000 XRP, equivalent to approximately $15,251,433, from an unknown wallet to Bitso, a prominent cryptocurrency exchange.
Similarly, another 24,400,000 XRP, valued at around $14,637,203, was transferred from an undisclosed wallet to Bitstamp. Both of these transactions were noted to have been sent from the same address, identified as r4wf…Rzn.”
In addition to these transfers, a substantial amount of 32,877,443 XRP, amounting to approximately $19,253,957, was moved from another unidentified wallet to Bithumb, another leading cryptocurrency exchange.
Market Reaction!!!
While the exact reasons behind these significant sell-off transactions remain unclear, their occurrence has garnered attention within the cryptocurrency community.
Meanwhile, analysts and investors are keenly observing the impact of these transactions on XRP’s price movement and market sentiment in the coming days.
XRP Aims For $1
As of now, XRP has recorded a 3.86% increase in price over the past 24 hours, reaching $0.5848. However, well-known analyst Tylie Eric, predicts a quick jump to $1, while another prominent researcher Changelly, predicted a more conservative price surge for XRP, aiming for $0.75 in April. Long-term views vary widely, with some envisioning lofty targets of $27.
In the meantime, Coinglass data indicated an 8.3% surge in open interest and a 90.1% increase in derivatives volume, signaling increased trading activity and money inflow into the market.
