427 Mln XRP On The Move Sparks Curiosity, Will Price Reach $0.63?

In a thrilling plot twist witnessed recently, a staggering 427 million XRP on the move appears to have piqued the interest of crypto market traders and investors globally. As per insights unveiled by the blockchain tracker Whale Alert, a whopping 400 million XRP was unlocked from escrow at Ripple, whereas a renowned XRP whale shifted nearly 27 million XRP to a centralized exchange.

Meanwhile, the Ripple-backed token traded in the red today, birthing additional inferences for XRP’s price action ahead. An eminent crypto market analyst, Ali Martinez, contrastingly proclaimed the token to be potentially gaining a bullish momentum ahead, garnering noteworthy interest among crypto market enthusiasts.

Ripple’s Escrow Unlock & Whale’s Dump

According to the data revealed by the blockchain tracker Whale Alert, Ripple was noted to be unlocking the aforementioned amount of coins, worth $217.40 million, from escrow on Sunday, February 25. Whereas, an XRP whale, going by the address r4wf7enWPx…5XgwHh4Rzn, transferred 27.40 million XRP, worth $14.92 million, to Bitstamp, a Luxembourg City-based CEX.

Intriguingly, Ripple’s massive unlock welcomed new XRP coins into the market, increasing the token’s supply. Additionally, the whale’s enormous dump to a CEX also aided the rise in supply, aligning with the token’s trading in the red witnessed recently. Usual market sentiments of a slump in price with a pump in supply seem to be lingering with these XRP moves.

Also Read: Top 3 Crypto Gainers of The Week: UNI, FIL, and WLD

XRP Price Tumbles

As of writing, the XRP price noted a drop of 0.91% over the past 24 hours and is currently trading at $0.5403. The bearish movement illustrated by the token somewhat aligns with the abovementioned transactions as supply rises.

Notably, Ali Martinez spotlighted vital market dynamics for the Ripple-backed token, hinting at a potential bull run ahead. As per the analyst, the TD Sequential indicator issued a buy signal on XRP’s weekly chart, amassing bullish thoughts among crypto market participants. A sustained weekly close above $0.57 could catalyze a push toward $0.63 or even higher, hitting $0.65, as per Martinez. The 1.09% rise in open interest, per insights by Coinglass, further showcased new money entering the market, aligning with the analyst’s remarks.

The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW

— Ali (@ali_charts) February 25, 2024

Also Read: MicroStrategy’s Twitter Hack Incident Causes Investors to Lose $440,000

✓ Share:

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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.