While there are still sharp declines across the crypto ecosystem, XRP and other digital currencies appear to be following every possible uptrend momentarily. Crypto analysis platform Whale Alert according tothe purchase of 23,037,429 XRP by a whale can be considered a promising move and may trigger renewed activity in the market.
According to the recorded information, the whale transferred this purchase from a Binance exchange wallet. The token’s destination is unknown; however, the wallet was activated by a Binance user. Such token transfers are an indication of resurgent investor sentiment. This can mobilize relevant knowledge across the board.
🚨 23,037,429 #XRP (11,550,284 USD) transferred from #Binance to unknown wallethttps://t.co/K00G3Ry7ab
— Whale Alert (@whale_alert) April 29, 2024
NEWS CONTINUES BELOW
Over the last 24 hours, XRP Open Interest has fallen (2.12%), suggesting that whale buying may indicate a trend change. According to data from Coinalyze, XRP Open Interest exceeds $380.7 million, while Perpetual Contracts stand out with $374.5 million. This figure indicates that, with a slight decline, reaccumulation may be observed in the chain and possibly signal a reversal. The recipient address of the 23 million XRP involved is not a first-time buyer and currently has a balance of 32,113 million XRP. This indicates that the transferred funds were taken for safekeeping.
XRP Price Outlook
As we reported as Koinfinans.com, the XRP price remained one of the most struggling among the top 10 for most of the year. Ripple v., which has not yet been concluded The SEC lawsuit continued to drag down XRP’s performance.
While the resolutions phase signals a possible shift in the legal fight, investors generally await the outcome of negotiations before taking a position. At the time of writing, XRP is trading at $0.5011, down 4.18% in the last 24 hours. This price position is an extension of the weekly decline; However, a major recovery may be imminent, especially with the completion of the Ripple-SEC case.
