Crypto whale trade tracker Whale Alerts has revealed several major XRP trades in the past 24 hours as bullish momentum returns to the market. Interestingly, five of the major transactions in the last 24 hours have come from crypto exchange Binance, with the latest occurring in the last hour. In fact, that was 94 million tokens recently transferred from Binance to unknown wallets, prompting investors to ponder the reasons behind the transfers and the possible outcomes.
Large transactions from Binance
Data from Whale Alerts shows that the transfers, worth more than $57 million, were sent from Binance in five transactions of 18 million XRP each. This massive transfer could be a signal that large investors are buying the altcoin en masse, but the accumulation pattern also indicates that the trades are being executed by a single entity.
The transfers took place throughout Sunday, starting with a transfer from 18.76 million Coins worth $11.7 million from Binance in an unknown wallet. Thereafter, 18.4 million tokens, 19.2 million Coins, 18.8 million CoinsAnd 18.7 million Coins worth $11.26 million, $11.47 million, $11.19 million and $11.69 million were sent to private portfolios.
???? 18,750,448 #XRP (11,698,918 USD) transferred from #Binance to unknown wallethttps://t.co/aeCHQ4RYxA
— Whale Alert (@whale_alert) March 11, 2024
Investors can only speculate because the identity of wallet addresses is largely unknown. But shifts of this magnitude often foreshadow market sentiment. These massive transactions in such a short period of time negate a random pattern and suggest an accumulation of the parties involved.
However, the transfers could also have been carried out by Binance itself, as on-chain data shows that all recipient addresses were activated by the exchange on the same day. Moreover, this pattern of 18 million XRP tokens leaves Binance with every major transaction started Friday. Essentially, the transfers can be due to wallet maintenance or liquidity factors.
What’s next for XRP?
XRP has significantly underperformed other major market cap cryptocurrencies. At the time of writing, the token is trading at $0.6219 and is up 18% in 30 days. For comparison, Bitcoin, EthereumAnd BNB have increased by 49%, 58% and 63% respectively in the same time frame.
However, XRP enthusiasts remain strong and expect a strong bullish run. According to attorney Bill Morgan, XRP is about to surpass all-time high at $3.4 this cycle. Right now, XRP is showing other signs of building momentum, such as a recent break above a long-term downtrend line.
A popular crypto analyst known as Ash Crypto noted that the altcoin is on the verge of a multi-year breakout. The last time this happened, XRP rose in 2017 and 2018 to reach its current all-time high.
XRP MASSIVE OUTBREAK ????
XRP IS ON THE EDGE OF MULTI-
YEAR OUTBREAKAs soon as it breaks out, THE PUMP
WILL BE GREAT!! pic.twitter.com/4UuwyMXHJU— Ash Crypto (@Ashcryptoreal) March 10, 2024
According to the analyst’s XRP chart, a repeat of this breakout would lead to a surge of epic proportions to $18.
Token price reaches $0.625 | Source: XRPUSD on Tradingview.com
Featured image of Coingape, chart from Tradingview.com
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