Whale Moves 69 Mln Coins As Price Hits Monthly High

In the latest XRP news thread, a Ripple whale has caught the attention with his recent hefty transfer. Besides, it also comes as the Ripple’s coin price hit a monthly high, which has further fueled speculations. Notably, many are citing the recent dump as a profit-taking strategy, often used by traders to book profits when an asset’s price goes higher.

XRP News: Whale’s 69M Dump Fuels Speculation

The on-chain transaction tracking platform Whale Alert reported that approximately 29.53 million XRP, worth nearly $68.72 million, was moved from an unknown wallet “rnVcQ…dT2Vq” to Coinbase. This high-value transaction occurred as XRP marked a significant upswing, hitting its highest price point in over a month.

What’s Happening?

Meanwhile, many market watchers believe the whale’s decision to dump this massive amount indicates an attempt to capitalize on the recent price rise. Historically, large holders often liquidate parts of their holdings when prices rally, aiming to lock in quick profits.

Having said that, the timing of this latest XRP transfer has added more weight to this theory. Some analysts view it as a classic sell signal, while others argue it could simply be a strategic wallet reshuffle ahead of broader market movements. Regardless, the transaction has sparked discussions among the market participants.

Notably, XRP has shown signs of strong recovery recently, especially amid the broader market recovery. So, let’s take a quick look at its recent movements and see what lies ahead for the asset.

XRP Price Soars: Rally To Sustain?

XRP price today has jumped more than 7% and traded at $2.32, accompanied by a 166% jump in its trading volume to $5.33 billion. Notably, the crypto has recently touched its monthly high of $2.35 while adding about 10% in the weekly chart. The recent surge, amid a broader market recovery, hints that investors are once again gaining confidence in Ripple’s coin.

Derivatives Data & Ripple ETF Developments Spark Optimism

Besides, the XRP Futures Open Interest also recorded a jump of around 10%, indicating a strong market sentiment. It also comes as Ripple’s coin has caught the eyes with the recent ETF-related developments. A recent XRP price analysis also showed how the crypto might react once the ETFs get the green light from the US SEC.

Meanwhile, the crypto has also recorded a significant inflow over the last few weeks. Last week, it recorded an influx of $31.6 million while Bitcoin and Ethereum topped the list with a $3.4 billion inflow in total.

What’s Next?

Also, renowned expert Ali Martinez has shared a bullish outlook on the future of the coin. In a recent X post, the analyst noted that the crypto appears to be “breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90.”

Considering that, it seems that the crypto might continue to move upwards in the coming days, potentially hitting the $2.90 mark. However, given the macroeconomic concerns and the still persisting volatile scenario in the market, investors should exercise caution before investing in the assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: 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.