In the latest XRP news thread, a Ripple whale has caught the attention with his recent hefty transfer. Besides, it also comes as the Ripple’s coin price hit a monthly high, which has further fueled speculations. Notably, many are citing the recent dump as a profit-taking strategy, often used by traders to book profits when an asset’s price goes higher.
XRP News: Whale’s 69M Dump Fuels Speculation
The on-chain transaction tracking platform Whale Alert reported that approximately 29.53 million XRP, worth nearly $68.72 million, was moved from an unknown wallet “rnVcQ…dT2Vq” to Coinbase. This high-value transaction occurred as XRP marked a significant upswing, hitting its highest price point in over a month.
What’s Happening?
Meanwhile, many market watchers believe the whale’s decision to dump this massive amount indicates an attempt to capitalize on the recent price rise. Historically, large holders often liquidate parts of their holdings when prices rally, aiming to lock in quick profits.
Having said that, the timing of this latest XRP transfer has added more weight to this theory. Some analysts view it as a classic sell signal, while others argue it could simply be a strategic wallet reshuffle ahead of broader market movements. Regardless, the transaction has sparked discussions among the market participants.
Notably, XRP has shown signs of strong recovery recently, especially amid the broader market recovery. So, let’s take a quick look at its recent movements and see what lies ahead for the asset.
XRP Price Soars: Rally To Sustain?
XRP price today has jumped more than 7% and traded at $2.32, accompanied by a 166% jump in its trading volume to $5.33 billion. Notably, the crypto has recently touched its monthly high of $2.35 while adding about 10% in the weekly chart. The recent surge, amid a broader market recovery, hints that investors are once again gaining confidence in Ripple’s coin.
Derivatives Data & Ripple ETF Developments Spark Optimism
Besides, the XRP Futures Open Interest also recorded a jump of around 10%, indicating a strong market sentiment. It also comes as Ripple’s coin has caught the eyes with the recent ETF-related developments. A recent XRP price analysis also showed how the crypto might react once the ETFs get the green light from the US SEC.
Meanwhile, the crypto has also recorded a significant inflow over the last few weeks. Last week, it recorded an influx of $31.6 million while Bitcoin and Ethereum topped the list with a $3.4 billion inflow in total.
What’s Next?
Also, renowned expert Ali Martinez has shared a bullish outlook on the future of the coin. In a recent X post, the analyst noted that the crypto appears to be “breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90.”
Considering that, it seems that the crypto might continue to move upwards in the coming days, potentially hitting the $2.90 mark. However, given the macroeconomic concerns and the still persisting volatile scenario in the market, investors should exercise caution before investing in the assets.
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