• Wed. Jul 17th, 2024

Bull Returns as 94 Million XRP is Transferred from Binance

Maria Bartiromo

ByMaria Bartiromo

Mar 13, 2024
Bull Returns as 94 Million XRP is Transferred from Binance

A significant quantity of XRP was abruptly transferred from Binance exchange, causing investors and enthusiasts to speculate the turn of events in the cryptocurrency industry. 94 million XRP, worth over $57 million, have been transferred out of Binance in five transactions totalling 18 million XRP, according to data obtained from Whale Alerts.

The transfers’ timing aligns with a rebound in positive mood, as buyers seem to be taking back control of the XRP market. This is happening amid XRP’s turbulent ride lately as it has dealt with legal issues and regulatory uncertainty. Given the increasing positivity around the XRP sector, bullish investors might be placing bets on a successful outcome for XRP based on the most recent developments.

XRP consolidated at $0.6 earlier last month against the USDT and has continued to reset at the 200-day Moving Average (MA) to reach about the $0.57 price mark. It has performed this action multiple times in previous weeks. Amid this activity, the XRP has managed to rebound and is ready to commence a new bull run.

Current Event Recalls Moment in History, Reflect on Trading Volume 

The XRP community believed that the transactions could be a component of customary asset management operations, but others see them as a calculated activity by major investors hoping to profit from the current XRP price spike.

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The transactions coincide with past events in XRP’s history as the cryptocurrency stabilises after unpredictability and volatility. Significant quantities of XRP leaving Binance may indicate that bulls are reclaiming market control.

The XRP price has changed in the last 24 hours to $0.725175, with a trading volume of $6,287,799,407. The market capitalization at press time is $39,693,764,646, ranking #6 on the CoinMarketCap platform.

Over $40 Million Sent to Anonymous Wallets, Analysis Claims

The transaction happened on Sunday and started with 18.76 million units of XRP valued at $11.7 million. The transfer moved from Binance exchange to an anonymous location, which analysts believe is a private wallet.

Other sets of XRP: 18.4 million XRP worth $11.26 million, 19.2 million XRP worth $11.47 million, 18.8 million XRP worth $11.19 million, and 18.8 million  XRP worth $11.69 million were transferred into private wallets. Amid the returning bull run, the XRP has been named by CoinMarketCap platform as the most underperforming cryptocurrency with the most market capitalization amid the rising price.

As of press time, XRP trades at $0.6219, which is an 18% increase in the past 30 days. The price for the BTC and XRP pairs has been different, as it has continued to go downwards for the past 9 months without a sign of recuperation.

The token (XRP) has reached a major support level of about 800 Satoshi Price Summaries (SAT) price mark. This level has the ability to outperform the current market trend, and trigger a bullish trend for the XRP against the BTC in subsequent months.

Analysts Comments, Expressed Optimism in XRP Future, Builds Momentum 

Compared to the velocity of the bull run in XRP, BNB, BTC, and ETH also had significant increases in their prices with  58%, 63%, and 49%, respectively, within the same time frame as XRP. However, the XRP community has continued to be optimistic about the future of the token; hence, they expect a stronger bullish movement.

Attorney Bill Morgan, one of the popular industry analysts, has said that the XRP is ready to exceed an all-time high of $3.4 in its current circle. Analysis on the News BTC platform also shows other indications that the token is building more momentum – the current breakout at the token’s downtrend level was one of those signs. 

Ash Crypto, a cryptocurrency industry influencer and analyst, has recently noted that significant altcoins will experience a “multiple breakout” in one year. He said that the last time such a scenario occurred in 2017 through 2018, the XRP experienced significant price growth.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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