XRP Whales Shift 62 Million Tokens in Price Rally

Noteworthy whale activity stirs speculation as XRP, backed by Ripple, experiences a surge in price.

Azcnews (2)

XRP, the cryptocurrency backed by Ripple Labs, stirred considerable enthusiasm in the global crypto market today, February 29, as its price continued its upward trajectory. CoinmarketCap’s charts revealed a resurgence, with the Ripple-backed token surpassing the $0.60 mark once again, following a brief breach yesterday.

During this surge, the broader crypto market witnessed two substantial whale transactions, capturing the attention of traders and investors worldwide. XRP, which had been trading sluggishly in recent days, experienced notable upward movement, indicating a potential uptrend in the market and fueling bullish sentiments.

XRP Whale Activity: Diving Deep

Delving into the whale activity, data from the blockchain tracker Whale Alert unveiled two significant transactions involving a total of 61.99 million XRP moving to and from Binance, a leading cryptocurrency exchange. The first transaction transferred 21.99 million XRP, valued at $12.85 million, from Binance to an unknown wallet (rarG6FaeYh…gFsPn2bZKk). Simultaneously, the second transaction involved the movement of 40 million XRP, worth $23.47 million, from an unknown wallet (rPz2qA93Pe…ycJR1N4iNf) to Binance.

These transactions reflected a diverse sentiment among whales in the broader crypto market, with one indicating signs of accumulation and the other involving substantial amounts being dumped, leading to speculative discussions. Nevertheless, XRP’s price action painted a bullish outlook for the altcoin, aligning with the token’s derivatives data.

XRP Experiences Price Surge

XRP 1D Chart from TradingView
XRP 1D Chart from TradingView

As of the current update, XRP has witnessed a notable increase of 4.63% in the last 24 hours, reaching a current trading value of $0.6051. This rise above the $0.60 threshold has captured significant attention, especially considering XRP’s recent sluggish performance.

Examining derivatives data for the Ripple-backed token reveals a substantial influx of new capital into the market, indicating heightened market activity. Data from Coinglass indicates a 7.51% surge in the token’s open interest, accompanied by a remarkable 59.85% increase in trading volume, signaling a clear upward trend.

Related: SEC Appeals for Extension in XRP Lawsuit Remedies Briefing Schedule

Analysis sheds light on XRP’s bullish momentum, which has been building since the previous weekend, with its price rebounding from the established support at $0.528. Throughout February, the token has steadily rallied, accompanied by a rise in its OI-weighted funding rate. This suggests a growing readiness among traders and investors to engage in long positions with XRP. The overall scenario paints a bullish outlook for XRP, providing buyers with the opportunity to further boost the token. Should this materialize, increased buying pressure could propel the altcoin towards the psychological levels of $0.75 or even $0.93.

(2 votes)

5.0/5

(2 votes)

Latest

Us Seizes $15 Billion In Bitcoin, Hunts Cambodian Tycoon

News | Bitcoin | Editor Choice

US Seizes $15 Billion in Bitcoin, Hunts Cambodian Tycoon in World-Shaking Crypto Fraud Case

Global financial markets are reeling after the US Department of Justice unveiled what it calls the largest cryptocurrency fraud case in history, implicating Cambodian businessman Chen Zhi, chairman of Prince Holding Group.

Investors In Panic, Binance Flooded With Sell Orders

News | Altcoin | Editor Choice

Investors in Panic, Binance Flooded with Sell Orders

After a historic crash that wiped out more than $19 billion in market capitalization within hours, the crypto market is still struggling to recover. Fresh data from CryptoQuant reveals a deepening wave of pessimism across Binance, as traders rush to deposit funds and trigger massive sell orders.

How To Join The Brevis Airdrop

Airdrops | Editor Choice

How to Join the Brevis Airdrop

Join the Brevis Airdrop, the project has successfully raised $7.5 million and is now allowing users to earn Sparks points for upcoming token rewards.

Binance Launches $400 Million Relief Fund For Traders

News | Editor Choice | Policy & Regulations

Binance Launches $400 Million Relief Fund for Traders

Following one of the most dramatic downturns in recent crypto history, Binance has unveiled a $400 million relief program to support users who suffered heavy losses during Friday’s market collapse — despite emphasizing that the exchange “does not accept liability” for user losses.

Elon Musk Makes A U Turn, Backs Bitcoin As “energy Cannot Be Faked”

News | Bitcoin | Editor Choice

Elon Musk Makes a U-Turn, Backs Bitcoin as “Energy Cannot Be Faked”

Elon Musk has once again stirred up the crypto community after declaring his renewed support for Bitcoin, claiming its true value lies in “energy — the one thing that cannot be faked.”

Screenshot 2025 09 10 100533