$18 Billion in XRP in Just 24 Hours — What’s Behind?

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and whale movements. The recent surge in XRP activity is undeniably intriguing, reminiscent of the early days of Bitcoin when the cryptocurrency world was still a wild frontier.

In the past day, there’s been a significant increase in activity surrounding XRP, which currently ranks as the fifth largest cryptocurrency by market cap. Remarkably, trading volumes have soared to more than $18 billion within this 24-hour period.

As I delve into my investigation, an intriguing surge of activity catches my attention, coinciding with substantial whale movements within the XRP ecosystem. The esteemed Whale Alert service has detected a staggering 292.7 million XRP being transferred across numerous transactions.

As a researcher, I recently came across some intriguing findings from Blockchain data tracker Whale Alert. Within the past 24 hours, they reported five significant transactions involving approximately 292.7 million XRP. These transactions seem to have transferred XRP from exchanges or personal wallets into another wallet, hinting at potential large-scale movements of this cryptocurrency.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 120,000,000 #XRP (228,711,662 USD) transferred from #Bithumb to unknown wallet

— Whale Alert (@whale_alert) November 30, 2024

120 million XRP valued at approximately $228.7 million moved from Bithumb, 13.5 million XRP valued at around $26 million shifted from Binance, and 20 million XRP worth about $36 million were sent from Upbit to unidentified wallets, according to Whale Alert’s latest reports.

As a crypto investor, I recently noticed some significant transactions involving Ripple (XRP). In two separate transfers, approximately 5 million XRP, equivalent to around $58.3 million, seems to have been moved between unidentified wallets. Moreover, a staggering 104.4 million XRP, worth roughly $167.2 million, was transferred from an existing unknown wallet to a brand new one that has yet to be identified. These transactions are a testament to the dynamic nature of the crypto market and highlight its potential for both opportunities and risks.

Significant investors, often referred to as ‘whales’, might be moving or stockpiling XRP in expectation of a potential market change, aiming either to influence the market direction or capitalize on an upcoming surge in price.

XRP eyes $2 breakout

Right now, as I’m typing this, XRP has jumped an impressive 17.2% in the last 24 hours, reaching a price of $1.90. Over the past week, it has even grown by a substantial 22%. This significant rise has propelled XRP up the crypto market ladder. Currently, with a market cap of $108.26 billion, I find myself investing in the fifth-largest cryptocurrency, outranking BNB in the process.

Recent optimism stems from reports that an imminent approval of the dollar-pegged RLUSD stablecoin by the New York Department of Financial Services (NYDFS) could see the product launch as early as Dec. 4.

With heightened trading and significant player involvement, the XRP community keeps a keen eye out for indications of an enduring upward trend. Experts are zeroing in on crucial price points, with the $2 mark being identified as a goal for the XRP price surge and a possible launchpad for additional growth.

In the latest updates for the XRPL, a new standard for the XRP Ledger called “XLS-86 Firewall” has been suggested. This standard aims to significantly enhance security for an XRP account and block large withdrawals if the keys are breached by a potential attacker.

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2024-11-30 17:25