- Whale Alert reported a transfer of 23.69 million XRP from Binance to an unknown wallet.
- Ripple plans to unlock 1 billion XRP tokens on August 1, potentially impacting the market.
Despite the varying performance of the crypto market, XRP’s price remains in a bullish pattern, staying above the critical level of $0.60. Whale Alert has detected a huge transfer of 23,690,289 XRP, worth $14,432,839, from a Binance exchange wallet to an unknown wallet.
While the reason for this significant move is unknown, shifting tokens from a major exchange wallet is often regarded as an attempt to hodl long-term.
23,690,289 #XRP (14,432,839 USD) transferred from #Binance to unknown wallethttps://t.co/PxlPlypOST
— Whale Alert (@whale_alert) July 29, 2024
Whales Accumulate as XRP’s Price Continues to Climb
Since rising from its low point this year, the price of XRP has increased along with numerous accumulating moves by whales, with transactions totaling more than $1 million each. At the time of writing, the recipient wallet contained about 39.942 million XRP, worth around $24.38 million.
XRP is currently trading at about $0.6104, up 1.25% over the last 24 hours on a trading volume of $935.74 million. This places it as the eighth-largest cryptocurrency by trading volume.
Despite its great performance, the current price remains below the highest price achieved in the previous 12 months, which was $0.718 on March 12.
On the other hand, CNF noted that a popular analyst predicts a high bullish potential for the XRP price. According to the analyst, Ripple’s token might rise to $0.85 and perhaps reach the long-awaited target of $1.
Additionally, as we previously reported, Ripple intends to unlock 1 billion XRP tokens worth $609 million on August 1, which could have an impact on the market. Furthermore, Ripple CEO Brad Garlinghouse thinks that the Archax alliance would lead to exponential development in RWA tokenization.
