In an exciting turn of events, one individual owning 19.99 million XRP has sparked wide speculation among cryptocurrency traders worldwide. In a recent X post, Whale Alert, a blockchain monitor, this significant XRP shift worth $10.69 million was eventually uncovered and created a lot of buzz as the XRP price pushed to $0.54.
Despite the derivative data associated with the Ripple-supported token, which suggests increased activity in the market, there was no flow of new capital. The whale transaction, though, could not save the price of the coin from the downtrend during the period considered by the Whale Alert, which resulted in more speculation among market participants as to the possible implication of the transaction on the market dynamics. As per Whale Alert’s data, the stupendous transfer of 19.99 million XRP was made public on February 24. This transfer was traceable to Binance, a giant crypto exchange.
After the transaction between Ripple and MoneyGram, the XRP price chart shows an upward trend approaching $0.54 levels. On the other hand, the coin exhibited unfavorable price action, registering a marginal decline of 0.06%, according to CoinMarketCap.
Source: TradingView
XRP’s Surge Sparks Speculation
The significant accumulation of Ripple coin was conducted through the wallet address rhW…QkK, according to data provided by Etherscan. Alongside this, the circulation supply within the wider market has instigated speculation of future price increases. The coin price moved between $0.55 and $0.53 as market uncertainty grew over the direction of the coin supported by Ripple. The bears and bulls failed to show muscle as they struggled to assert dominance.
In contrast, after the token reached the $0.55 price point, XRP pulled back its rise abruptly, and the token could not test prices of $0.53 and $0.52. The whale transaction witnessed today would promote the market for the altcoin as the depletion in supply brings about the upward push of the token into the market in the coming days.