In an intriguing turn of events witnessed recently, XRP, a cryptocurrency backed by Ripple Labs, birthed a tidal wave of speculations across the broader crypto market as it noted 73.81 million coins accumulated from a centralized exchange, nabbing significant attention across the global crypto realm. These transactions, showcasing accumulations worth $45.87 million, piqued the interest of crypto market traders and investors globally as XRP appears to be riding the optimistic wave to potentially reach $1.

Meanwhile, the Ripple-backed token traded in the red as of writing, birthing speculations over the coin’s contrasting price action compared to the accumulations. Derivatives data, however, showcased a bullish sentiment among investors, aligning with the colossal accumulation witnessed, as mentioned above.

XRP Accumulations Mirror Optimism

According to the data revealed by the blockchain tracker Whale Alert, the aforementioned amount was accumulated in four noteworthy whale transactions. Moreover, all these transactions showcased XRP accumulated from Binance, the world’s leading cryptocurrency exchange.

In alignment with this, the first XRP whale transaction recorded 18.40 million coins, worth $11.52 million, accumulated from Binance by an unknown wallet rfQ9EcLkU6…eN47Rk8Cvi. Whereas, the second transaction noted the accumulation of 18.52 million XRP, worth $11.39 million, from the same CEX by the address rarG6FaeYh…gFsPn2bZKk.

Similarly, the third and fourth transactions also illustrated XRP accumulated by Binance. The wallet address rhWj9gaovw…GRbuXFLQkK withdrew 18.46 million XRP, worth $11.45 million, whereas the wallet address rarG6FaeYh…gFsPn2bZKk accumulated 18.43 million XRP, worth $11.51 million, again.

These transactions sparked immense curiosity among crypto market traders and investors globally as they rode a bullish market sentiment wave, showcasing the whales’ confidence in the asset. However, XRP’s price action today appears to have contrasted this sentiment.

Also Read: Ethereum (ETH) Price Rally to $5000 Imminent, No Major Pullback In Sight

XRP Price Drops

As of writing, the XRP price noted a drop of 0.46% over the past 24 hours and is currently trading at $0.6241. Notably, in contrast to today’s fall, pro-XRP lawyer Bill Morgan also took a bullish stance on the Ripple-backed token, proclaiming it to reach a new ATH in 2024. Meanwhile, amid the ripple effect curated by the crypto market bull run sentiment, altcoins appear to be benefiting alongside Bitcoin.

Simultaneously, the derivatives data for the token hints at substantial new money entering the market, accompanied by heightened market activity. Coinglass revealed that the open interest jumped 2.23% as of press time while the volume rose 8.04%. Additionally, a jump in the token’s OI-weighted funding rate added to the bullishness, fueling positive thoughts on XRP’s price action ahead.

As reported by CoinGape Media earlier, a lot of optimism orbiting the token’s potential run to $1 appears to be prevailing within the market. Prominent analysts like Egrag Crypto and Dark Defender recently retained their bullishness on XRP’s potential run to $1. With the aforementioned whale accumulations further weighing in, crypto market enthusiasts expect further bolstered prices ahead, aligning with market sentiments for XRP.

Also Read: USDT & USDC Earn Up To 30% Interest On Compound, Are Big Players Involved?

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Advertisement

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.