Data from the blockchain tracker Whale Alert indicates that on February 15, a total of 47.4 million XRP were moved to CEXs Bitstamp and Bitso. According to the data, these transfers were being made by the unidentified wallet address, …Rzn. Interestingly, comparable quantities of Ripple tokens have been observed to be transferred to the aforementioned CEXs using the same wallet address in the past. Since Ripple acquired a strategic position in Bitstamp and Bitso, these transfers have become a frequent phenomenon, suggesting that they have gained significant traction.
Meanwhile, Coinglass’s derivatives data showed a significant 5.71% increase in Ripple’s open interest, which came to $652.21 million. In addition, this data demonstrated fresh capital entering the market, indicating an upward tendency when seen in conjunction with the current price spike.
At press time, the price of XRP has increased by 5.60% over the last day and is presently trading at $0.5543. Significant attention has been paid to the token’s abrupt rise above $0.55 in the global cryptocurrency space after prominent analysts recently expressed optimism about Ripple. The token’s market capitalization and 24-hour volume also saw a sharp increase, climbing by 5.59% and 44.49%, respectively.
Capitalizing on XRP
The reason for XRP’s slow progress could be its ongoing legal battle with the US Securities and Exchange Commission (SEC). Securities laws are allegedly broken by Ripple’s selling of XRP, according to the SEC. Investors are waiting for a decision even though a US district judge ruled last year that the sale of XRP to private investors did not violate securities laws. The matter has since moved to higher courts. The court recently approved access to Ripple’s financial documents for the SEC. Investors may have viewed this event unfavorably, which could have slowed down Ripple’s growth trajectory.
Even though Ripple’s progress is hindered by SEC laws, we can find the path to achieve millionare status. You’ll need 200,000 tokens to get one million dollars worth of XRP at $5. At the moment, 200,000 tokens cost roughly $104,000. An increase of around 861% would result from the portfolio’s value rising. Changelly predicts that XRP might surpass $5 at some point in 2029. The platform projects that the highest price in 2029 will be $5.66. Changelly projects that XRP will reach a maximum price of $0.87171282 in 2024. Increasing from current levels to $0.87171282 would represent a rise of more than 67%.